Accord Mortgages is extending its remortgaging options up to 95% LTV.
From tomorrow (22 January) the intermediary-only lender will introduce new two and five-year fixed rate deals.
Its current range of remortgage products has a maximum 90% LTV.
The new range will be available for straight remortgage and capital raising, and has a maximum loan value of £500,000.
The lender’s lowest remortgage rate at 95% LTV is a two-year fix at 3.31%. This comes with £500 cashback and a £495 product fee. A fee-free two-year fixed rate is also available at 3.54%.
Borrowers looking to fix their rates for longer could instead choose a fee-free five-year fixed rate at 3.79%, with £250 cashback. Alternatively a five-year fix at 3.69% is available with a £495 product fee and £250 cashback.
All of Accord’s 95% LTV remortgages will come with a range of additional features including cashback on completion, free standard valuation, free legal fees and low or no product fees.
Jemma Anderson, mortgage manager at Accord Mortgages, said: “While the housing market is cooling with buyers potentially waiting to see how they’re impacted by Brexit, existing owners may think more about extending or improving rather than moving.
“By increasing our maximum LTV we’re giving borrowers greater flexibility to achieve what they want without necessarily buying a new home. It could also help borrowers with a Help to Buy mortgage repay their equity loan or simply support those maturing for the first time who haven’t paid off enough of their mortgage to be able to remortgage at 90% LTV.
“There’s been limited choice in this market for some time so we hope these products will offer brokers more options to help their clients.”