You are here: Home - News -

Accord launches ERC-free range of SVR mortgages

  • 25/06/2018
  • 0
Accord launches ERC-free range of SVR mortgages
Accord Mortgages, intermediary lending subsidiary of Yorkshire Building Society, has launched a range of discounted standard variable rate (SVR) mortgages.


It has responded to brokers’ concerns that customers may often avoid mortgages linked to a lender’s SVR.

Accord has overhauled its discounted SVR range and removed early repayment charges (ERCs). The majority of new mortgages are available to both house purchase and remortgage customers, with rates starting at 1.09% for a two-year discounted SVR for borrowers requiring 60% loan-to-value (LTV). This mortgage comes with a £1,495 fee.

For those with a 35% deposit, a two-year discounted SVR mortgage is available at 1.29%, which comes with free standard valuation and a lower fee of £495.

Borrowers with smaller deposits are offered a two-year discounted rate of 1.74% at 90% LTV, or 2.99% at 95% LTV. Both mortgages have a £495 fee and free standard valuation, though the 5% deposit mortgage is only available to house purchase customers.

The new mortgages are designed to give borrowers flexibility. Indeed, they can redeem their mortgage or transfer it to a fixed rate should they wish, at any time during the discounted period without penalty. All of Accord’s discounted SVR mortgages also allow unlimited overpayments.

Ben Merritt, mortgage manager at Accord, said: “Our entire discounted SVR range is now ERC-free, giving customers the chance to benefit from lower rates and monthly repayments but with the option of switching to a fixed rate or redeeming the mortgage with no charge, should they wish at any point.

“Over the past few months we’ve seen a lot of demand for discounted SVR mortgages, perhaps because the low rates mean customers could potentially withstand a number of rate increases before it would have been better to have opted for a fixed rate.

“We’re confident the introduction of these new and enhanced mortgages will be welcomed by both brokers and customers – for the right case, discounted SVRs could be a great alternative.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Leek United increases loan limit by £100k

Leek United has increased its lending limit by £100k from £300,000 to £400,000 on 95% loan-to-value (LTV) mortgages.