Accord reduces rates - but is this only the first reduction?

LizEstelle

Following the Woolwich etc moves recently, Accord has finally made a magnificent 0.15% drop in rates:

http://www.accordmortgages.com/about_us/news.html#091012


My renewal with them is due in February and I could apply for one of these fixed rates now.

I am wondering whether it is worth waiting till closer to the time to see if there's another drop.

Thoughts, anybody?

Markyt

I'm surprised they have dropped at all. YBS doesn't need Accords business and they haven't been trying to attract new borrowers for ages. I'd say further cuts are unlikely, but then its 4 months until your rate up for renewal - lots can change.

mortgage-adviser-now

Pick this one up in early December to be ready for February but look across the whole market not just Accord.

Hope this helps

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice

LizEstelle

Fixed rates have been at daft levels for too long. I'm hoping that competition is entering the market finally.

I accept Markyt's remark about Accord's business being ''unnecessary'' to the YBS and can only really explain the drop by the possibility that they are trying to hold on to good, long term payers with no defaults like me... i.e. competitive forces are drawing such clients elsewhere.

So this does still beg the question: will they continue to follow the market if rates go down?

LizEstelle

Have been away for a few days.

I'm still interested to know whether people think it's likely there'll be another cut before I need to decide.

LizEstelle

Yippee.

Looks like the girl done good to hold her nerve...

http://www.accordmortgages.com/about_us/news.html#091106