According to a broker note, Accord said it will increase rates across its residential new business products, withthe current range being withdrawn at 10pm on 28 June and the new range becoming available at 8am Thursday 29 June.
At lower loan-to-value rates (LTV), selected fixed rate products at 60 per cent and 75 per cent LTV will be increased by between 0.08 per cent to 0.40 per cent.
At 75 per cent and 80 per cent LTV, rates will be increased by between 0.08 per cent to 0.40 per cent. At 85 per cent, products will be increased by 0.08 per cent and 0.45 per cent, while at 90 per cent, rates will rise between 0.22 per cent to 0.45 per cent.
At the highest tier LTV of 95 per cent, rates will go up by between 22 per cent to 0.56 percent.
Meanwhile, a range of five-year offset products with a £1,495 fee will be added to the range, with rates starting at 5.75 per cent. The lender said its tracker products remain unchanged.
The lender noted that a full mortgage application must be submitted by the time of withdrawal to secure a new lending product.
Accord highlighted in the broker note that ‘whilst not always possible, [we] will endeavour to give you at least 24 hours’ notice of any upcoming changes’.
Pepper Money
Meanwhile, Pepper Money has announced that it is repricing rates, reducing certain fees and simplifying products on its residential mortgage range.
The lender noted that ‘the changes were made following the Bank of England’s recent decision to increase the base rate and the continued volatility in the swap rate markets’.
Pepper has streamlined its offering of Pepper 48 products to cater to more customers with smaller deposits. The products are aimed at customers who have not had a default or county court judgment (CCJ) in the last 48 months.
In addition, it has reduced its largest completion fee by £200, bringing it to just £795.
The lender has also repriced products, within its Pepper 48, Pepper 36 and Pepper 24 ranges. Pepper 36 and 24 are aimed at customers who have not had a default or CCJ in the last 36 or 24 months respectively.
Paul Adams (pictured), Sales Director at Pepper Money, said: “Ongoing volatility in the money markets is continuing to impact all lenders and brokers, with rate changes becoming a near daily occurrence. At Pepper Money, we need to respond to movements in swap rates just like other lenders, but we also try to introduce these changes alongside more positive improvements to our products and to support brokers with clear communication and reasonable notice periods.
“We will continue to do our best to support brokers during this period, our clear criteria and hands-on approach to underwriting remain unchanged and we are committed to providing new opportunities for underserved customers to access mortgage finance that fits their circumstances.”
