Accord Mortgages has announced changes to its residential new business range, set to take effect from Thursday, 2nd November.
The current offering will be withdrawn at 10pm on Wednesday, 1st November, with the new range being made available from 8am the following day.
The lender is reducing rates on a selection of its residential mortgage products across various loan-to-value (LTV) bands. Products at 75% LTV will see rate reductions ranging from 0.10% to 0.23%.
Similarly, products at 80% and 85% LTV will also enjoy rate cuts in the same range. Mortgage offerings at 90% and 95% LTV will have rates lowered between 0.05% and 0.22%.
In a contrasting move, Accord Mortgages has increased rates on its tracker products by 0.10%.
However, the lender has offset this by removing Early Repayment Charges on these products, offering greater flexibility to borrowers who may wish to pay off their mortgage ahead of term.
Mortgage product manager Gemma Hyland, said: “We’re constantly looking for ways in which we can help borrowers with outside-the-box solutions at this challenging time, and we hope the introduction of these new tracker products without ERCs will appeal to those who prefer to keep their options open while interest rates are changing frequently, while benefiting from a competitive interest rate in the meantime.
“Reducing rates demonstrates our commitment to offering products which are as competitive as possible, ensuring better value to brokers and their clients at all times.”
