Accord Residential has lowered interest rates on some of its house purchase and remortgage products, following the 0.5 percentage point cut in the Base Rate by the Bank of England.

The central bank cut rates yesterday (11 March) to 0.25 per cent in a bid to support business investment amid fear sparked by the coronavirus pandemic. Mortgage borrowers, already enjoying record low interest rates, are set to benefit. 

Accord has dropped the rate on its five year fix to 2.06 per cent, down from 2.09 per cent, at 85 per cent loan-to-value, a £495 fee that is wiped out by £500 cashback, and a free valuation.

For borrowers with a 90 per cent LTV the rate for a five year fix is 2.41 per cent, down from 2.43 per cent, also with a £495 but with double the cash back at £1,000.

Accord has dipped rates in its remortgage range too. 

For a five year fix at 85 per cent LTV borrowers will now pay 2.07 per cent, down from 2.08 per cent, with a £495 fee and £500 cash back. At 90 per cent loan to value with the same fee but £1,000 cashback, the rate is 2.42 per cent down from 2.46 per cent.

First time buyers are being offered an added sweetener.

The intermediary lender has upped its cashback by £250 on five-year Help to Buy products. A five-year fixed-rate at 1.93 per cent with a £995 fee now comes with £750 cashback and free valuation.

Accord Product Manager Jemma Anderson says: “As part of our ongoing review, we’ve cut rates on a broad range of products to offer brokers more choice.

“We’ve also increased the cashback offering on the five-year Help to Buy products, so anyone planning on taking advantage of the scheme before the transition next year has an added incentive.”

The move follows rate cuts by Accord in its buy-to-let range yesterday.