The specialist lender says the changes take effect from 8am on 22 December, and include reductions of up to 24bps on a 10-year fixed-rate loan at 75% LTV, with up to 22 bps shaved off two-year fixes up to 60% LTV and up to 12 bps off those up to 85% LTV.
Highlights include:
- A 10-year fixed-rate mortgage to 75% LTV at 5.35%, from 5.59%, with a £995 product fee and free standard valuation, available for purchase and remortgage
- A fee-free two-year fix to 60% LTV, for house purchase, reduced to 5.50%, from 5.72%, which comes with free standard valuation and £500 cashback
- A five-year fix to 60% LTV is now 4.71%, down from 4.91%, with free standard valuation, a £495 product fee and £250 cashback
- And an 85% LTV two-year fix, reduced to 5.23%, from 5.35%, with a £995 completion fee, for home purchase and remortgage
Earlier this month, Accord Mortgages launched new products available to residential and buy-to-let clients.
The products offer options up to 85% LTV for residential clients, and variable rates starting at 4.19% at 75% LTV.
The move by the lender is also the fifth round of rate cuts in recent weeks, with the most recent coming in late November.
Accord mortgage product manager Gemma Hyland says: “We’re keeping a watchful eye on the rapidly changing picture in the marketplace in terms of the needs of cost-conscious borrowers and market interest rates.
“Today’s rate reductions are just the latest example of how we are reacting quickly to enable brokers to offer as much value to their clients as possible.”
These cuts come after chancellor Jeremy Hunt calmed international debt markets in October, by largely reversing former chancellor Kwasi Kwarteng’s tax-cutting mini-budget on 23 September, which saw the number of products on the market fall sharply while remaining loan prices jumped. This move was consolidated by the Chancellor in his November Autumn Statement.
