In a welcome boost for the property market, both Accord and TSB are slashing mortgage rates on a range of products. This means lower monthly payments for both homeowners and landlords. Let’s break down exactly what these changes mean for you:

TSB Cuts Rates for Homeowners and Landlords

TSB is joining the mortgage rate price war with cuts across its residential and buy-to-let ranges.

Homebuyers and those remortgaging can benefit from:

• New three-year fixed rate: Available for first-time buyers, home movers, and remortgage borrowers with rates starting from 4.75% and a £495 fee.
• Five-year fixed rates (remortgages up to 90% LTV): Reduced by up to 0.20%.
• Two-year and five-year fixed rates (first-time buyers and home movers up to 85% LTV): Reduced by up to 0.15%.
• Three-year fixed rates (first-time buyers and home movers): Reduced by up to 0.10%.

Landlords aren’t left out, with TSB also cutting rates on selected Buy-to-Let mortgages:

• Two-year fixed rates (purchase and remortgage): Reduced by up to 0.10%.
• Five-year fixed rates (purchase and remortgage): Reduced by up to 0.15%.
• Two, three, and five-year fixed rates (product transfers): Reduced by up to 0.10-0.15%.

Accord Slashes Buy-to-Let Rates

Landlords rejoice! Accord is making significant reductions to its Buy-to-Let (BTL) mortgage rates, with some fixed rates dropping by as much as 0.25%.

Here’s a summary of the changes:

• Two-year fixed rates: Reduced by up to 0.10-0.15%
• Two-year tracker rates: Reduced by up to 0.10-0.15%
• Three-year fixed rates: Reduced by 0.25%
• Five-year fixed rates: Reduced by 0.20-0.25%

These rate cuts apply to all LTV tiers except for mortgages at 80% LTV.

These rate cuts from Accord and TSB provide a much-needed boost for both homeowners and landlords. With mortgage rates becoming increasingly competitive, it’s a great time to shop around and see if you can snag a better deal.