Accord Mortgages has reduced rates across both its residential and buy-to-let product ranges.
Changes include reductions of up to 0.10% across a wide selection of residential products from 75% LTV, including products at 95% LTV.
Purchase highlights include a five-year fix at 75% LTV, down to 4.54% with a £1,995 fee and £250 cashback, and a two-year fix at 85% LTV, down to 4.98% with a £495 fee and £500 cashback.
For residential remortgage, a five-year fix has reduced to 5.07% up to 90% LTV with a £495 fee and free remortgage legal service.
Accord's buy-to-let changes see two-and three-year fixed rates up to 80% LTV reduced by 0.25%; with five-year fixes reduced by 0.20%. Tracker rates are going down by 0.05% and end dates have been extended to 31st May.
A three-year fixed rate purchase product is down by 25bps to 4.74% at 65% LTV which comes with a £995 fee and £250 cashback.
Buy-to-let remortgage reductions include a two-year fixed rate, down by 25bps to 4.39% at 60% LTV with a £3,495 fee, and a five-year fix at 80% LTV which is down to 5.29% with a £995 fee.
From tomorrow, the lender is also making changes to the ICRR (interest coverage ratio rate) which is used to assess any background properties a borrower might have. This is being reduced from 5.5% to 5.0%, boosting affordability.
Gemma Hyland, mortgage product manager for Accord, said: “We’re thrilled to introduce these changes, which refresh both our residential and buy-to-let ranges, passing on the benefit of these more favourable market conditions to all our borrowers and ensuring we provide the best value wherever we can.
“The ICRR changes on background properties are a positive step designed to support borrower affordability and help them to achieve their home or property ownership dreams.”
