The change will come into force from 8am on 22 December.
Highlights of the cuts include a 10-year fixed rate at 75 per cent LTV with £995 product fee, which has gone down from 5.59 per cent to 5.35 per cent. It comes with free standard valuation and is eligible for purchase and remortgage.
Its fee-free two-year fixed rate at 60 per cent LTV has been cut from 5.72 per cent to 5.5 per cent. It is available for purchase and has free standard valuation and £500 cashback.
The lender’s two-year fix at 85 per cent LTV has fallen from 5.35 per cent to 5.23 per cent. It comes with a £995 completion fee and is available for purchase and remortgage.
A five-year fixed rate at 60 per cent LTV has decreased from 4.91 per cent to 4.71 per cent. It has a £495 product fee, free standard valuation and £250 cashback.
Accord Mortgages’ mortgage product manager Gemma Hyland said: “We’re keeping a watchful eye on the rapidly changing picture in the marketplace in terms of the needs of cost-conscious borrowers and market interest rates.
“Today’s rate reductions are just the latest example of how we are reacting quickly to enable brokers to offer as much value to their clients as possible.”
TMW decreases switcher rates
The Mortgage Works (TMW) will be decreasing rates on one, two, three and five-year fixed rate buy-to-let switcher mortgage products by up to 0.40 percentage points.
The changes will come into force from tomorrow.
Its one-year fixed rate up to 75 per cent LTV is 3.79 per cent, down from 3.99 per cent, and is subject to a two per cent fee.
The lender’s two-year fixed rate up to 60 per cent LTV with a three per cent fee is priced at 3.99 per cent, a decrease of 0.4 per cent. It comes with a three per cent fee.
Its five-year fixed rate with three per cent fee up to 65 per cent LTV has gone down by 0.25 per cent to 4.24 per cent.
Other rate and fee combinations are available for TMW’s switcher deals.
Daniel Clinton, director of landlord at TMW, said: “These rate cuts demonstrate our continued commitment to supporting our existing landlord customers who are coming to the end of their current TMW deal.
“The reductions will mean our buy-to-let switcher range will be even more competitive and a good option for landlords looking to maximise cashflow by helping them manage payments when they finish their existing deal.”
