In a bid to support first-time buyers and those with smaller deposits, Accord Mortgages is set to refresh its residential range with new rate reductions.
Most notably, the £5k Deposit Mortgage – launched in March to enable first-time buyers with just a £5,000 deposit to purchase a property valued up to £500,000 – will be reducing by 0.45% to 5.79%.
There will also be further reductions across the range, including on mortgages for borrowers with a 5% deposit of up to 0.55%, and cuts of up to 0.44% on products for new build properties up to 90% loan-to-value (LTV).
Products at 75% and 80% LTV will reduce by 0.32%, with those at 85% LTV will be reducing by up to 0.30%.
Highlights from the new range, available from Monday 23rd September, include a 5-year fixed rate £5K Deposit Mortgage at 5.79%.
This product is fee-free, and comes with free standard valuation
In addition, the lender will also reduce a 2-year fix up to 90% LTV, suitable for borrowers purchasing a new build house, to 5.33%.
The product comes with a £995 fee, £250 cashback, and free standard valuation
Lastly, a 5-year fix up to 75% LTV will be reduced to 3.99%.
It is suitable for house purchase, and comes with a £1,995 fee, £250 cashback and free standard valuation.
Gemma Hyland, mortgage product manager for Accord, said: “We’re thrilled to be able to refresh the range with a very competitive offering for our borrowers, especially at the higher LTVs and on our £5K Deposit Mortgage – which demonstrates our ongoing commitment to supporting first-time buyers and others who may be looking to fulfil their home ownership dreams with a smaller deposit.”
