Another lender joins rate cutting war

Thursday 9th August 2012

The rate-cutting war has hotted up with the latest move by Accord Mortgages, the intermediary lending subsidiary of Yorkshire Building Society.

Yesterday it cut up to 0.30% from the cost of two-year products across a range of LTV levels, including 90%.

Highlights include:
    •    75% LTV two-year tracker at 2.99% with a £995 fee
    •    75% LTV two-year fixed at 3.19% with a £995 fee
    •    90% LTV two-year fixed rate at 5.29% with £995 fee and incentive options including £250 cashback and free valuation for house purchase.

Accord product manager Martin McIntosh said: “There has been a large amount of movement within the market in the past few weeks, but much of it will mainly benefit buyers with larger deposits.

“By making cuts at the 90% LTV level as well as 65% and 75%, we are broadening the options for those who need to borrow more, such as first-time buyers.

“When you consider the other assistance available on some products like free legal assistance, free valuations and cashback on completion, we think we have a strong offer for those who are taking their first steps on to the property ladder.”