The lender will withdraw its current range at 10pm on 20 September and the new range will be available from 21 September.
Selected products at 75 per cent LTV will be cut by 0.1 to 0.15 per cent, whilst selected products at 80 per cent LTV will fall by between 0.15 to 0.2 per cent.
At 85 per cent LTV, reductions will range from 0.15 to 0.3 per cent and at 90 per cent LTV, the fall will range from 0.13 per cent to 0.2 per cent.
The lender is increasing the maximum LTV for new build flats from 65 to 75 per cent LTV for buy-to-let applications.
The firm is also bringing in “enhanced contractor income criteria” to make “submitting applications even easier”.
The contractor changes apply to residential and buy to let as well as income used for buy-to-let top slicing.
For day rate contractors, the minimum experience and evidence requirements have been reduced to six months and the lender will allow income from two contracts rather than one subject to sustainability.
Accord Mortgages added that evidence of contract renewal or new contract will be required where less than two months remains on the current contract, and it could consider income if there is no previous contract available subject to at least six months experience.
Contractors with less than six months contracting experience can be considered in some circumstances, but the lender said brokers should contact their business development manager.
The lender will require a minimum income of £50,000 across all contracts or at least £300 per day in each contract.
For fixed term contractors, minimum experience required has been cut to 12 months and umbrella company evidence has been reduced to three months payslips or invoices and three months of personal bank statements.
It added that evidence of contract renewal or new contract will be needed where less than 2 months remains on the current contract.
Accord Mortgages has also clarified its criteria for self-employed locums, excluding bank nursing.
The lender will accept applications with at least six months experience for doctors, dentists, vets, solicitors and accountants. Applications from outside the above roles will not be accepted.
It added that it could use 60 per cent of sustainable variable income, evidenced with six months invoices or payslips and the latest three months personal bank statements.
