Ray Boulger, senior technical manager at John Charcol, said Accord’s products would appeal to many borrowers and helped fill with style a gap in the market that needed filling.

The ten-year fixed offset deal at 5.54% is available up to 75% LTV, with an arrangement fee of £995, while Accord’s non-offset ten-year fixed has a market leading rate of 5.24% and an arrangement fee of £1995.

Boulger highlighted that the offset product is the only fixed rate offset mortgage available for longer than five years and that many lenders only offer their best rates up to 70% LTV.

In addition, the product compares favourably with other tracker rates in the market, despite the low rates currently on offer. Boulger said that if the base rate averages more than 3% over the next ten years, the offset ten-year fixed rate will ultimately be cheaper.

He added that, while many borrowers are reluctant to tie themselves in for ten years, the offset deal allows for unlimited overpayments that can withdrawn again without notice. It also offers a very tax efficient way of saving, with the current low interest rates.

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Boulger said: “In the current uncertain economic climate and particularly with worries about the risk of a Eurozone sovereign default with its consequent severe impact on the banking system should it happen, a mortgage offering maximum flexibility in one’s borrowing and savings arrangements has even more appeal than normal.

“What the launch of such a product does bring into focus is that there are a wealth of options for borrowers and that no generic advice will do.”