Accord reduces SVR
Accord Mortgages has today (Thursday, 2 November 2017) announced it will be reducing its standard variable rate (SVR) by 0.35%.
The intermediary-only lender is aligning its SVR with the rest of the Yorkshire Building Society Group, which it is part of, and will reduce it from 5.34% to 4.99%.
The change means borrowers who are currently on Accord’s SVR will see a reduction in monthly repayments.
Following the Bank of England’s decision to increase the Bank rate, the SVR for Yorkshire, Chelsea and Norwich & Peterborough will increase by 0.25% to 4.99%.
However the Group’s strong financial position means it is able to reduce its SVR for intermediary customers, which was previously 0.60% more than the rest of the Group.
The changes will come into force in December.
David Robinson, National Intermediary Sales Manager for Accord, said: “We’re pleased to be able to reduce our SVR which will in turn lead to reduced repayments for those borrowers.
“The number of borrowers on our SVR represents a small percentage of our overall mortgage customers. However, we’re happy that we can provide them with some relief with their monthly repayments – especially at a time when many borrowers are seeing a rate rise.
“We are proud to have been able to offer borrowers record low rates for a prolonged period of time, thanks in part to the historic low Bank rate, and to remain consistent in offering a range of good value mortgages to meet a number of customer needs.”