"We recently reduced our standard variable rate by 0.35%, so it feels fitting to launch new mortgages that are linked to it."
Available from tomorrow, the mortgages track the lender’s SVR, currently 4.99%, at a discounted rate.
Available at 60% LTV is a two-year discounted rate at 1.59%, based on an SVR discount of 3.40%. Borrowers with a 20% deposit can opt for a 1.79% rate, based on an SVR discount of 3.20%, over a two-year period. Those with a 10% deposit can take advantage of a 2.09% two-year deal, based on a SVR discount of 2.90%.
Each mortgage is available to house purchase and remortgage customers and comes with a £495 fee and free standard valuation.
Borrowers can redeem their mortgage at any time during the discounted period and will only incur a 1% early repayment charge.
Each home loan is also portable, meaning customers can transfer their mortgage to a new property without charge.
David Robinson, National Intermediary Sales Manager at Accord, said: “We recently reduced our standard variable rate by 0.35%, so it feels fitting to launch new mortgages that are linked to it.
“Whilst there was a minimal increase to the Bank Rate in November this doesn’t appear to have quashed the appetite for variable rate mortgages. A discounted SVR mortgage allows us to offer a competitive rate for those who want to keep repayments as low as possible but who understand the rates, and therefore their payments, may go up or down in future.
“It’s important that brokers reinforce the variable rate message to help their clients factor it into their budget but nonetheless we’re sure our new mortgages will be a welcome addition to our range.”
