Accord Mortgages launches tracker rates for mortgages with £1 million and £5 million maximum loan sizes
Accord has launched a range of base rate tracker mortgages with no early repayment charges.
Accord Mortgages is the broker-only lending arm of Yorkshire Building Society and it has a reputation for agreeing complex cases and larger mortgage loans.
The lender's new tracker rates are available to borrowers providing they have a 15% deposit. While its mortgages have a minimum loan size of £50,000, the maximum loan sizes range between £1 million and £5 million.
As these mortgages do not have early repayment charges, borrowers can switch rates or overpay 100% of the mortgage. This means that applicants taking out one of these products have the flexibility to switch their deal without incurring penalties should they wish, while still benefiting from a competitive interest rate in the short term.
Highlights of the firm’s changes include:
• Two-year trackers for those with 25% deposits, available for house purchase, at BoE base rate plus 0.57%. This comes with a £995 fee, standard valuation, and no early repayment charges.
• Two-year trackers for those with 15% deposits, available for house purchase, at BoE base rate plus 0.87%. This comes with a £995 fee, standard valuation, and no early repayment charges.
Aaron Strutt, product director at Trinity Financial, says: “Shorter-term fixes and trackers tend to be popular with borrowers who think rates are higher than they will be in a few years. If you are going to take a tracker rate is worth making sure that it either has low or no early repayment charges so you can swap to a fixed rate in the future. Five-year fixes are still lower than the two and three-year fixes and the tracker rates."
How many lenders offering tracker rate mortgages?
Most of the big lenders offer tracker rate mortgages now although not necessarily to their existing customers. HSBC for Intermediaries, Barclays, NatWest and Skipton Building Society have some of the most competitively priced rates.
Call 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
