Accord Mortgages is reducing selected residential mortgage rates by up to 0.26 percentage points from 8am on Friday 16 October, with the largest cuts applying to products at 95% loan-to-value (LTV).

The lender is also lowering rates by up to 0.14 percentage points at 80% and 85% LTV, while products at 90% LTV will see reductions of up to 0.11 percentage points.

The repricing covers Accord’s residential new business range and selected product transfer deals, with existing borrowers benefiting from reductions of up to 0.05 percentage points.

Among the revised products is a two-year fixed rate for remortgage customers at 95% LTV, falling from 6.73% to 6.47%. The deal carries a £495 fee and includes a standard valuation and remortgage legal service.

At 85% LTV, Accord is reducing its two-year remortgage fixed rate from 5.38% to 5.27%, with a £1,495 fee, standard valuation and remortgage legal service.

LOWER RATE FOR £5,000 DEPOSIT MORTGAGE

The changes also extend to Accord’s 5K Deposit Mortgage, which allows eligible first-time buyers to purchase a property with a £5,000 deposit.

The fee-free five-year fixed rate on the product will fall by 0.20 percentage points, from 6.78% to 6.58%, and includes a standard valuation.

For existing customers, a two-year fixed rate at up to 65% LTV will decrease from 4.96% to 4.91%, with a £1,495 fee.

Eligible borrowers switching products with Accord can do so without requiring a valuation, legal work or credit check.

Jeremy Duncombe (pictured), managing director of Accord Mortgages, said: “We’re pleased to be reducing rates again across our range, including on our £5K Deposit Mortgage.

“These changes underline our commitment to providing competitive options, giving brokers more ways to help aspiring homeowners to take that important step on to the property ladder, and offering current homeowners more choice and value.”