Selected residential new business rates to be slashed by up to 0.46%
Accord Mortgages has announced changes to its residential new business range, with selected products having new rates from tomorrow, September 21.
The lender said the current range would be withdrawn at 10pm tonight, September 20, and the new range would be available from 8am tomorrow.
Selected products at 75%, 80%, and 85% loan-to-value (LTV) will have their rates reduced by 0.10% to 0.15%, by 0.15% to 0.20%, and by 0.15% to 0.30%, respectively.
Higher LTV deals will also be repriced, with rates of selected 90% and 95% LTV products set to be slashed by 0.13% to 0.20%, and 0.15% to 0.46%, respectively.
The intermediary-only lending subsidiary of Yorkshire Building Society, which made rate cuts on its residential new business rates last week, said there would be no changes to tracker rates.
Accord Mortgages also announced the extension of end dates to January 31.
News agency Newspage sought the views of brokers, who were expecting more lenders to battle for market share.
“With low volumes of applications, lenders are certainly cutting rates to encourage business,” commented Justin Moy, managing director at EHF Mortgages. “Accord has been cutting rates quite regularly, in particular helping those with smaller deposits, which has seen the biggest reductions.
“All this is good news for borrowers and will encourage the rest of the high street lenders to follow suit.”
Samuel Gee, director at Manning Gee Investments, added that Accord Mortgages’ rate reductions underscore the dynamic nature of the mortgage market.
“Competition among lenders, coupled with economic uncertainties like inflation expectations, often prompt rate adjustments,” Gee said. “Additionally, lenders may be realigning rates to meet their business goals.
“These rate cuts reflect the ongoing adaptability in the mortgage landscape, potentially benefiting borrowers with more attractive terms and choices.”
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