Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Accord and TSB Announce Reductions to Fixed Mortgage Rates

Accord Mortgages and TSB have both announced reductions to selected fixed mortgage rates. The changes affect a range of residential mortgage products, including product transfers, additional loans, and house purchase options.

Accord Mortgages is making cuts of up to 0.37% to a selection of its fixed mortgage rates. The reductions apply to its residential product transfer and additional loan ranges. Specifically, all three-year fixed rates will be reduced by up to 0.37%, and five-year fixed rates will be reduced by up to 0.05%. Additionally, two-year fixed rates up to 90% loan to value (LTV) will see a 0.2% cut, while two-year fixes up to 80% LTV will be reduced by 0.15%. These changes will take effect on Thursday, 27 August.

TSB has also lowered its fixed rates, with reductions of up to 0.2% on two-, three-, and five-year fixed rates for house purchase. Three-year fixed remortgage rates have been cut by 0.15%.

According to Moneyfacts, the average two-year fixed residential mortgage rate is currently 5.59%, and the average five-year fixed residential mortgage rate is 5.63%.

These rate changes may be relevant for letting agents and inventory clerks monitoring mortgage trends that could impact landlord clients and the wider UK property market.