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TSB and Accord add products; Newbury cuts shared ownership rates – round-up

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  • 13/11/2019
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TSB and Accord add products; Newbury cuts shared ownership rates – round-up
TSB has launched a five-year fixed mortgage and cut rates, Newbury Building Society has lowered rates on its shared ownership range and Accord has launched eight higher loan-to-value mortgages and raised limits.

 

TSB has added a five-year fixed purchase product to its range in the 60 per cent loan-to-value (LTV) range with a product fee of £1,495. 

This product is available through intermediaries only and has a rate of 1.44 per cent. 

The lender also made rate reductions to its two-, three- and five-year fixed products in the 95 per cent LTV band, with rates reduced by up to 0.15 per cent.  

The rates across its two-, three- and five-year fixed remortgages in the 60 per cent LTV tier saw cuts of up to 0.10 per cent.  

The deals include £300 cashback and no free legals, or free legals. 

Nick Smith, TSB’s head of mortgages, said: “We’re seeing more customers demand longer-term fixed rate products, that’s why we have introduced a new five-year fixed rate.” 

 

Newbury reduces shared ownership rates 

Newbury Building Society has reduced rates on its 95 per cent LTV fixed-rate shared ownership mortgages. 

The two-year fixed has been reduced from 3.79 per cent to 3.39 per cent, the three-year fixed from 3.79 per cent to 3.39 per cent and the five-year fixed from 4.69 per cent to 3.79 per cent. 

The products are all application fee free. 

Roger Knight, lending manager at Newbury Building Society, said: “As the shared ownership mortgage market grows, we are constantly looking for ways to enhance and develop our mortgage products in response to the needs of borrowers.  

“We believe the reductions to our 95 per cent fixed rate mortgage products will help those who have smaller deposits fulfil their homeownership ambitions.” 

 

Accord launches eight high LTV products 

Accord Mortgages has released eight new products at 90 per cent and 95 per cent LTV. 

It also reduced rates on certain existing 90 per cent and 95 per cent LTV fixed-rate products and increased the maximum borrowing amount from £500,000 to £600,000. 

For purchase customers, the new products comprise: 

  • 90 per cent LTV two-year fixed rate at 2.30 per cent with £995 fee, free valuation and £500 cashback 
  • 90 per cent LTV five-year fixed rate at 2.53 per cent with £995 fee, free valuation and £500 cashback 
  • 95 per cent LTV two-year fixed rate at 3.06 per cent with £995 fee, free valuation and £500 cashback 

For remortgage customers: 

  • 90 per cent LTV two-year fixed rate at 2.29 per cent with £995 fee, free valuation, free legals and £500 cashback 
  • 90 per cent LTV five-year fixed rate at 2.52 per cent with £995 fee, free valuation, free legals and £500 cashback 
  • 95 per cent LTV two-year fixed rate at 3.15 per cent with £995 fee with free valuation and free legals 

And two new-build products were introduced: For house purchases, a 90 per cent LTV two-year fixed rate at 2.65 per cent, with £749 fee, free valuation and £1,000 cashback. And for flat purchases, a 90 per cent LTV two-year fixed rate at 2.95 per cent with £749 fee, free valuation and £1,000 cashback.

Both have a maximum loan size of £600,000. 

The rate reductions apply to 90 per cent and 95 per cent LTV products.

For purchases:

  • Two-year fixed rate at 90 per cent LTV at 2.44 per cent, down from 2.52 per cent, with £495 product fee, £1,000 cashback and free valuation

For remortgages:

  • Two-year fixed rate for remortgage customers at 95 per cent LTV at 3.26 per cent, down from 3.29 per cent, with £495 product fee, £750 cashback, free legal services and free valuation

Jemma Anderson (pictured), Accord product manager, said: “Having reviewed our range, we’ve reduced selected rates and launched new products to ensure we are fully supporting those wanting to borrow at a higher LTV whilst offering the most competitive choices for brokers. 

“Increasing our maximum loan size to £600,000 at greater than 85 per cent LTV ensures we can provide the best options, regardless of geographic location and help more people to purchase the property they want.”

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