Accord, Lloyds TSB and Cheltenham & Gloucester launch new mortgage products

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Accord, Lloyds TSB and Cheltenham & Gloucester launch new mortgage products

A new fixed-rate mortgage has been launched by Accord Mortgages while Lloyds TSB and Cheltenham & Gloucester have cut their mortgage rates.

The new product by Accord is a two-year, fixed-rate mortgage at 5.49 per cent.

Its maximum loan-to-value is 60 per cent, while its product fee is 2.5 per cent.

Cate Hills, strategic development director for Accord Mortgages, accepted that the fee is "comparatively high" but said it could be added to the loan.

She added that the mortgage "allows overpayments up to ten per cent pa", if borrowers should be able to pay back more quickly and that other products with low or no fees are available.

Lloyds TSB and Cheltenham and Gloucester have cut their mortgage rates and will also each introduce a new range of products for loans between £50,000 and £250,000.

Examples include a reduction of 0.05 per cent on a two-year fixed-rate loan of £50,000 to £999,000.
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