Accord introduces 10-year mortgage

Accord has announced the launch of a new ten-year fixed rate offset mortgage.

The new product offers an interest rate of 5.54 per cent, and has been described as "a very welcome addition to the market" by Ray Boulger of independent mortgage adviser John Charcol.

He said the deal would offer security at a time when "no-one is really certain what the future looks like".

"It will undoubtedly appeal to many people and should certainly be considered as a sensible alternative to some other market leading mortgages," Mr Boulger claimed.

He said there has been a dearth of choice in fixed rates for this term, and Accord "has certainly filled a gap that needed filling".

"The fact that these rates are available up to 75 per cent loan-to-value LTV is also a big bonus, as most banks only offer their best rates up to 70 per cent LTV," Mr Boulger said.

The Bank of England has frozen interest rates at 0.5 per cent since March 2009, with few economists predicting a rise before 2011.

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2010-06-07 13:31:30 © Moneyextra.com