Accord Mortgages has informed brokers that it will be increasing selected fixed rate products, as of tomorrow (June 29th).
Accord joins a host of lenders that have been forced to reprice in light of ongoing economic conditions and the Bank of England’s larger-than-expected interest rate hike last week.
The lender’s current products will be withdrawn at 10 pm today (June 28th), and the revised range will be made available from 8am on Thursday, June 29th.
The changes will affect a number of products across various loan-to-value (LTV) tiers. Selected fixed rate products at 60%, 75%, and 80% LTV will increase by between 0.08% to 0.40%. Those at 85% LTV will increase by between 0.08% to 0.45%.
Additionally, products at 90% LTV will see a bump by between 0.22% to 0.45%, and products at 95% LTV will see the largest increase of between 0.22% to 0.56%.
Accord Mortgages is also broadening its offerings by introducing a new range of 5-year offset products carrying a £1,495 fee. The rates for these new products will start at 5.75%.
Accord confirmed that there will be no changes to its tracker products, which will remain at their current rates.
In anticipation of these changes, Accord Mortgages urges brokers to submit a full mortgage application by the time of the product withdrawal to secure a new lending product. The cut-off for these submissions is 10 pm on Wednesday, June 28th.
