Accord Mortgages has launched a new tracker mortgage with no early repayment charges.
The lender says this new product will give borrowers a 'helping hand' during a time of uncertainty over the future of the Bank of England's (BoE) base interest rate.
The new product, which tracks the BoE's base rate, has been designed to provide borrowers with flexibility should their circumstances change over the next two years.
The two-year tracker has an interest rate of 1.29% and is available to both home buyers and remortgagors with a 35% deposit and comes with a £995 product fee.
Accord, an intermediary-only lender which is part of the Yorkshire Building Society Group, has also launched two new competitive short-term fixed rate deals.
These include a two-year fix at 1.32% at 65% LTV (loan-to-value), and a 1.62% two-year fix at 85% LTV.
Both mortgages are available to house purchase and remortgage customers and come with a £1,495 product fee plus free standard valuation.
“The current period of record-low interest rates gives borrowers the opportunity to maximise the money they save on their monthly repayments by overpaying on their home loan,” says Ben Merritt, Accord’s mortgage product manager.
“Our new tracker allows them to do this with the reassurance that they are not incurring any charges and can switch product at any time without having to pay ERCs – that could be particularly appealing should the Base Rate creep up.”
Merritt has confirmed that Accord’s entire range of offset mortgages now feature a free standard valuation to reduce upfront costs for property buyers and remortgagers.