Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Accord and TSB Announce Rate Cuts of Up to 37bps
Accord Mortgages and TSB have both announced reductions to selected mortgage rates. Accord has cut rates by up to 37 basis points (bps), while TSB has reduced rates by up to 20bps.
Accord’s rate reductions apply to its residential product transfer and additional loan products. All of Accord’s three-year fixed rates will be reduced by 37bps, and five-year fixed rates will see a 5bps cut. The lender is also making 20bps cuts to two-year fixed rates up to 90% loan-to-value (LTV), and a 15bps cut to two-year fixed rates at 80% LTV. These changes will take effect from 27 August.
TSB has also made rate cuts of up to 20bps on its two, three, and five-year house purchase fixed products. Additionally, TSB’s three-year fixed remortgages will be reduced by 15bps.
These changes may be relevant to letting agents and inventory clerks monitoring mortgage product trends and affordability for clients in the UK property market.
Source: Mortgage Strategy