Accord Mortgages is to reduce its standard variable rate (SVR) by 35 basis points (bps) to 4.99% from 10 December.

The Yorkshire Building Society (YBS) Group, which includes Accord, made the decision to reduce the SVR to equal that of the Group’s other brands, including the Yorkshire, Chelsea and Norwich and Peterborough building societies.

Both residential and buy-to-let customers on Accord’s SVR will see a reduction in monthly repayments.

David Robinson, national intermediary sales manager for Accord, said: “Brokers are vital to our business and we have worked hard to improve how we support intermediaries over the past year.

“We base our SVR on a number of economic factors, including the mix and type of existing mortgages. Taking all the factors in to account the YBS Group has demonstrated a desire to lower rates for borrowers and further improve Accord Mortgages standing in the intermediary market.

“We’re happy that we can provide borrowers on our SVR with some relief with their monthly repayments which could add up to a saving of almost £230 a year.

“We encourage customers to seek advice from their broker before their deal comes to an end to ensure they are making the most of the best rates available.”