Accord enhances 99% LTV mortgage in latest round of rate cuts

Accord Mortgages is enhancing its offering to first-time buyers and other borrowers with a smaller deposit, reducing rates across its residential range by up to 0.55%.

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, is reducing by 0.45% to 5.79% - the second cut to this product in the last month and its lowest rate so far.

There are also reductions across the lender's residential 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% LTV. Products at 75% and 80% LTV reduce by 0.32%, with those at 85% LTV reducing by up to 0.30%.

Highlights include a two-year fix, available at 5.33% up to 90% LTV with a £995 fee, £250 cashback, and free standard valuation.

A five-year fix has reduced by 31bps to 3.99% at 75% LTV, suitable for house purchase with a £1,995 fee, £250 cashback and free 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.”