Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Accord, Halifax increase interest rates on high LTV products

Halifax

Accord has made rate changes to its residential product suite ranging from a 0.27 per cent decrease up to a 0.42 per cent increase, while Halifax has made rate reductions of up to 0.35 per cent and increases of up to 0.37 per cent

Accord Mortgages and Halifax have increased interest rates on high loan to value (LTV) products as part of wider re-pricing, while Scottish Widows Bank has also raised rates.

Accord has made 44 rate changes to its residential product suite ranging from a 0.27 per cent decrease up to a 0.42 per cent increase.

Higher LTV deals have seen the most significant rises – 85 per cent LTV rates have been increased by up to 0.42 per cent and 80 per cent LTV deals by up to 0.32 per cent.

The product with the highest increase is the five-year fixed offset remortgage product at 85 per cent LTV which is now 3.28 per cent, it has a £495 completion fee and £250 cashback.

However, the lender has also made significant rate cuts to its longer-term product range with seven-, 10- and 15-year fixes reduced by up to 0.27 per cent.

The 15-year fixed remortgage and purchase product at 75% LTV has been cut by 0.27 per cent and is now 2.49 per cent with a £495 completion fee.

Accord product manager Jemma Anderson said: As part of our regular range review, we withdrew all products on 24th September at 8pm and replaced them at 9am today with end dates extended to February 2021.

She said, as part of this change, longer term rates of seven-, 10- and 15-years have been reduced by up to 27bps and selected rates increased between 0.01 per cent and 0.42 per cent. We are confident our range remains competitive and our service levels will be maintained.

Halifax has also overhauled its remortgage product range to help maintain service levels.

The changes include rate reductions of up to 0.35 per cent and increases of up to 0.37 per cent.

Additionally, the lender announced a rate increase of 0.27 per cent on the two-year £1,499 fee 80 per cent LTV homemover and first-time buyer mortgages.

A Halifax spokesperson said: We are constantly reviewing our offering and listening to broker feedback as part of our commitment to the intermediary market. These changes are designed to help support our customers in the current environment.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.