Accord Mortgages has launched new incentivised mortgage options for borrowers with a 35 per cent deposit.
Yorkshire Building Society Group’s intermediary-only lender has developed a two-year fixed rate mortgage at 1.99 per cent for 65 per cent loan-to-value, which has no application or product fees.
However, a £90 mortgage fee payable on redemption of the loan does apply.
Borrowers benefit from free standard valuation and £250 cashback on completion, while those remortgaging will receive free standard valuation and legal fees.
David Robinson, Accord’s national intermediary sales manager, said the deal helps borrowers minimise the costs of buying a home or remortgaging. “We hope that they will prove very popular with brokers and borrowers,” he added.
Accord has been on something of a spree of new deals and rate reductions in recent months, starting in February with a new range of five-year fixed rate residential loans for borrowers with a 25 per cent deposit and cuts to remortgage rates for landlords by up to 0.15 per cent.
Daniel Bailey, mortgage adviser at Derbyshire-based Middleton Finance, said that the market is very competitive at the moment and many lenders are offering incentitives to borrowers.
“When taking out a mortgage it is important to take into account fees attached to any deal. It maybe worth considering a slightly higher rate that have no fees attached to the deal.
“Up-front costs when buying a house can be an issue for borrowers, so it is good news that Accord are offering a free valuation and £250 cash back.”