Accord Mortgages has reduced the rate of its £5k Deposit Mortgage, the product that allows first-time buyers to purchase a property worth up to £500,000 with just £5,000.
In the second reduction to the product this month, the pricing of Accord Mortgages’ £5k Deposit Mortgage has been lowered by 0.45% to 5.79%. This product was launched in March this year, comes with no fee and has a free standard valuation.
The lender has also reduced pricing on its mortgages up to 95% loan to value (LTV) by as much as 0.55%.
This includes a two-year fix at 90% LTV for new-build purchase, which has fallen from 5.55% to 5.33%. This has a £995 fee, £250 cashback and free standard valuation.
There is also a five-year fix at 75% LTV, which has gone down from 4.3% to 3.99%. This is available for house purchase, has a £1,995 fee and comes with £250 cashback as well as a free standard valuation.
Gemma Hyland, mortgage product manager for Accord Mortgages, said: “We’re thrilled to be able to refresh the range with a very competitive offering for our borrowers, especially at the higher LTVs and on our £5K Deposit Mortgage – which demonstrates our ongoing commitment to supporting first-time buyers and others who may be looking to fulfil their homeownership dreams with a smaller deposit.”
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