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June 8, 2010    

Accord launches 10-year fix at 5.24%

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by Gill Montia
”Accord

Accord Mortgages has launched a new ten-year fixed rate deal with loan-to-value ratios of between 75% and 85%, and a starting rate of 5.24%.

The Yorkshire Building Society subsidiary has also made a number of rate reductions across its range, cutting five-year fixed rates by up to 0.5%, and two and three-year fixes by 0.35% and 0.45% respectively.

Prior to the credit crisis, the Government was proposing to help lenders offer more affordable long-term fixed-rate products as a means of adding stability to the housing market.

However, the popularity of even short-term fixed-rate mortgages has been in sharp decline since lenders’ standard variable rates began to plummet.

With the economic outlook uncertain, Accord’s new ten-year offering could prove attractive, despite application fee options of £995 and a hefty £1,995.

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