Accord Mortgages, the intermediary lending subsidiary of the Yorkshire Building Society, has reduced rates on a range of selected fixed rate mortgages by up to 0.24 per cent.
It has cut rates for its IFA clients on 75 per cent, 80 per cent, 85 per cent and 90 per cent loan-to-values (LTVs), across two, three and five year terms.
Available to house purchase customers is a five-year fixed rate mortgage at 2.20 per cent for those with a 20 per cent deposit, or at 85 per cent LTV there is a 2.39% deal, as part of the reduced rates overhaul.
Both mortgages include the additional features of £250 cash back on completion and free standard valuation and come with a £995 product fee.
The company said that intermediaries that want to fix for a shorter period can opt for a three-year product at 2.37 per cent at 90 per cent LTV, which is available to both buyers and borrowers looking to remortgage and comes with a £995 product fee.
David Robinson, Accord’s national intermediary sales manager, said: “We are sure the new rates will prove attractive to brokers and borrowers, and we are keen to offer mortgages that deliver value for money to our customers with features like cashback on completion.
"The five-year rate reductions will appeal to borrowers looking for the security of fixing their mortgage repayments to a competitive rate for a longer period.”
In addition, the lender has launched a 2.76 per cent three-year fix at 90 per cent LTV option for home buyers which comes with no up-front fees plus £250 cashback on completion and free standard valuation.
Jane King, mortgage adviser at London-based Ash Ridge, said: "These are actually really good rates and the product fee is always pretty chunky, but you have to work it out. But if its a massive mortgage a £995 flat fee is going to be alright, in relative terms.
"Altogether, they are good rates. Reducing rates is quite rare, as we've had some go up recently. So yes, its good - market leading."
Stephen Smith, director of Legal & General Housing Partnerships, said: “Accord’s decision to reduce rates on selected fixed mortgages is great news for borrowers. Customers can now take advantage of the security and stability of tying in their mortgage repayments to this competitive rate for a longer period of time.
“We expect Accord’s decision to act as a catalyst for other lenders to follow suit in order to remain competitive. Again, this a positive sign for borrowers who can expect to see rates stay low in the immediate future.”
