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Accord cuts 90% LTV rates

Accord Mortgages is reducing rates on a number of its 90 per cent LTV fixed rate mortgages from tomorrow in addition to launching new £495 fee fixed rate products.

Rates are being cut by 0.15 per cent across the whole range of 90 per cent LTV fixed rate products with a £995 fee.

Accord is also introducing £495 fee fixed rate products with loans up to £150,000 across the entire product range.

A two-year fixed rate at 2.89 per cent and up to 75 per cent LTV is being introduced, alongside a five-year fixed rate of 3.39 per cent up to 75 per cent LTV.

A two-year fixed rate at 4.94 per cent is available up to 90 per cent LTV.

Prolific Mortgage Finance Limited managing director Lea Karasavvas says: “It is encouraging to see lenders aggressively tackling the higher loan to value products. Accord have followed suit with Abbey who recently reduced rates on 85 per cent deals so we are really seeing the benefits of funds for lending effecting the levels of competition at the higher loan to value products rather than targeting the lower LTV products as was the case when first introduced.

“Competition in the higher LTV market can positively kick start the market again and help second steppers as well as first time buyers in what has been a very trying bracket over the last few years.”

 

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Comments
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  • howard bowes 6th December 2012 at 10:49 pm

    totally agree with last comment. I could not possibly consider recommending Accord unless the client signed a disclaimer to say that they are happy with the risk of loosing a property even in this market! The straightest of remortgages took months, absolute disgrace and last time we made a client suffer this lender. And what these lenders, who are useless at processing fail to realise is that continually chasing the deal and getting nowhere is not profitable for brokers. It is a more fair way to treat a client to ignore lenders like Accord and use lenders who are capable of quick or relatively quick processing and the broker still being in business to continue a relationship with the client in the years to come – rather than tie the time up with Accord and be forced out of business. I’d rather sit on a fat cactus than use them again.

  • Liam Tresilian 6th December 2012 at 3:49 pm

    They could offer 0.5% fixed for 5 years at 90%, the problem is that they don’t really want to lend! Worst service from any lender ever.