Accord pulls all tracker loans to mull BoE decision

Money, cash

Accord for Intermediaries has withdrawn all its residential and buy-to-let tracker mortgages while it decides how to handle the Bank of England base rate rise.

An Accord spokeswoman says: “The withdrawal is temporary while we review our plans.”

Accord Mortgages will align its SVR to the rest of its Yorkshire Building Society parent.

This means its SVR will reduce by 0.35 per cent.

Earlier today the Bank’s monetary policy committee voted to raise the base rate to 0.5 per cent, the first increase in more than ten years.

The base rate was formerly 0.25 per cent, having been cut from 0.5 per cent in August 2016.

The Bank’s monetary policy committee voted seven to two to raise the rate.

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