Accord Mortgages is cutting rates on residential new business products and product transfer range, effective tomorrow.

The range refresh for new business will see reductions of up to 0.26% on mortgages for borrowers with just a 5% deposit.

Products at 90% loan-to-value (LTV) will be cut by up to 0.11%, and products at 80% and 85% LTV reduced by up to 0.14%.

For those remortgaging, a two-year fixed rate at 95% LTV has been lowered from 6.73% to 6.47%. This comes with a fee of £495, standard valuation and remortgage legal service.

In addition, a two-year fixed rate at 85% LTV has been cut from 5.38% to 5.27%. This comes with a £1,495 fee, standard valuation and remortgage legal service.

The changes also apply to the lender’s 5K Deposit Mortgage, with a fee-free five-year fix lowered from 6.78% to 6.58% with a standard valuation.

For existing customers, selected product transfer fixed rates have been trimmed by up to 0.05%.

A two-year fixed rate up to 65% LTV with a fee of £1,495 has been cut from 4.96% to 4.91%.

Existing customers who meet eligibility criteria can switch without a valuation, legal work or a credit check.

Accord Mortgages managing director Jeremy Duncombe says: “We’re pleased to be reducing rates again across our range, including on our £5K Deposit Mortgage.

“These changes underline our commitment to providing competitive options, giving brokers more ways to help aspiring homeowners to take that important step on to the property ladder, and offering current homeowners more choice and value.”