"The addition of Boost LTI Offset will provide borrowers with the option to utlise any savings they have set aside to bring down their mortgage payments or reduce their term"
Accord is cutting rates on its residential range by up to 0.40% and has also introduced a brand new product, adding offset options to its Boost LTI range, with rates starting from 5.95%.
The Boost LTI range offers up to 5.5 times loan-to-income (LTI) for clients with household earnings of £60,000 or above who need more flexibility around income multiples to achieve their borrowing goals. Adding an offset option to this range means that borrowers will also have the option of using their savings to lower their monthly mortgage payments, or to reduce the term of their mortgage.
The new Boost LTI offset range includes a five-year fixed rate up to 75% LTV at 5.95%, featuring a £995 product fee, £250 cashback and free standard valuation.
A 75% LTV two-year fixed rate for remortgaging has reduced from 6.39% to 6.23%, with free standard valuation, a £995 product fee and £500 cashback (increased from £250).
In addition, a five-year fixed rate purchase product at 95% LTV has reduced from 6.65% to 6.25% with a £495 fee and free standard valuation.
Accord has also extended product end-dates to November.
Gemma Hyland, mortgage product manager at Accord, said: “We’re so pleased to introduce both more choice and better value to our product range.
“The addition of Boost LTI Offset will provide borrowers with the option to utlise any savings they have set aside to bring down their mortgage payments or reduce their term, something which may be very welcome in the current economic climate.”
