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Accord Mortgages to reduce resi new business rates

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  • 25/07/2023
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Accord Mortgages to reduce resi new business rates
Accord Mortgages will cut residential new business rates, up cashback on remortgage incentives and introduce Boost loan to income (LTI) offset options from tomorrow.

In a broker note, the lender said that its current range will be withdrawn at 10pm on 25 July, with its updated range available from 8am on 26 July.

The residential fixed rate reductions include products at 75 per cent loan to value (LTV) being cut by between 0.1 per cent and 0.4 per cent.

Products at 80 per cent LTV will fall between 0.16 and 0.4 per cent and at 84 per cent LTV the reductions range between 0.15 per cent and 0.43 per cent.

At 90 per cent LTV decreases range from 0.15 to 0.45 per cent, and at 95 per cent LTV the reductions go from 0.05 per cent to 0.45 per cent.

Remortgage cashback incentives have increased to £500, and products at 60 per cent LTV will be withdrawn and not replaced.

The end dates for products have been extended until November.

Accord Mortgages has also added a range of offset products for clients using its Boost LTI feature, with rates starting from 5.95 per cent.

Boost LTI range offers up to 5.5 times LTI for clients with earnings of £60,000 or above who need more “flexibility” around income multiples to achieve borrowing goals. The offset option means borrowers can use savings to lower monthly mortgage payments or reduce the term of their mortgage.

Mortgage product manager Gemma Hyland, said: “We’re so pleased to introduce both more choice and better value to our product range.

“The addition of Boost LTI Offset will provide borrowers with the option to utilise any savings they have set aside to bring down their mortgage payments or reduce their term, something which may be very welcome in the current economic climate.”

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