Accord Mortgages is reducing rates across its residential range from tomorrow, Thursday 2 October, with the largest cuts focused on products for borrowers with only a 5% deposit.
The intermediary-only lender said the adjustments follow a period of stability in the mortgage market. Two- and five-year fixed rates will reduce by up to 0.10%, while three-year fixes will fall by up to 0.14%.
Key changes include:
A fee-free two-year fixed rate at 5.44% (down from 5.54%) for purchasers at 95% loan-to-value (LTV), which includes £300 cashback and free standard valuation.
A three-year fixed rate at 5.30% (previously 5.44%) at 95% LTV, with a £995 fee and free standard valuation.
The lender has also made changes to its £5K Deposit Mortgage, which is aimed at first-time buyers who may struggle to save for a larger deposit. The product enables the purchase of a home worth up to £500,000 with just a £5,000 deposit. Customers can now access a fee-free five-year fixed rate at 5.39%, reduced from 5.49%, with free standard valuation included.
In addition, Accord has extended all product end dates to 31 January to provide longer-term value for brokers and clients.
Aidan Smith, product manager for mortgages at Accord Mortgages, explained, “We’re always looking for ways to improve the value we offer to our brokers and their clients, which is why I’m delighted to introduce this range refresh, especially focussing on the help we can offer to borrowers with the lowest deposit, who may be looking to get onto the property ladder for the first-time.”
