Accord cuts residential rates and reduces minimum loan size

Accord Mortgages is cutting rates on its residential mortgage range next week, as well as reducing minimum loan sizes on lower LTV products.

Available from Monday 6th July, the range refresh includes reductions on two-year fixes by up to 0.30%, with three-year rates decreasing by up to 0.29% and five-year rates by up to 0.21%.

Highlights include a two-year fixed rate purchase product at 95% LTV, down by 30bps to 6.39% with a £495 fee.

A two-year fixed rate remortgage product at 80% LTV is decreasing to 4.72% with a £1,495 fee and £500 cashback.

In Accord's 5K Deposit Mortgage range, available for first-time buyers with a £5,000 deposit on a home worth up to £500,000, a fee-free five-year fix has reduced to 6.44% with £300 cashback.

Accord is also reducing minimum loan size requirements on selected products up to 75% LTV from £50,000 to £30,000.

In addition, the lender has relaunched a range of products at 65% LTV with rates starting from 4.47%, and 80% LTV with rates from 4.54%.

Jeremy Duncombe, managing director of Accord Mortgages, said: “We’re so pleased to be able to reduce rates on a wide variety of product options, including our innovative 5K Deposit Mortgage, which was specifically designed to offer borrowers with just a £5,000 deposit the chance to fulfil their home ownership dreams. We’re also offering more flexibility and choice for those with smaller borrowing requirements by reducing our minimum loan size.”