Accord launches hybrid tracker-to-fix range

The range includes 5-year deals which begin as two year trackers followed by a three year fixed rate period with no additional fees at the switch.

The five-year deal at 75% LTV begins with a 2-year tracker at 1.99% above Bank Base Rate followed by a 3-year fixed rate at 3.69% available with a £995 fee.

At 85% LTV, the five-year deal begins with a 2-year tracker at 3.09% above Bank Base Rate followed by a 3-year fixed rate at 4.69%.

Steve McAvan, group intermediary product manager, said: “We encourage feedback from the broker community and have made changes to our core product range throughout the year to reflect this.

“Brokers told us they wanted lower fee and incentive versions of our hybrid tracker to fix, so these have now been added to the range along with the original version of the product.

“The deals are available up to 85% LTV and are designed for borrowers looking to shelter themselves from possible future interest rate rises.

“Unlike traditional drop lock deals, both the tracker and fixed rate elements are determined at the outset so there are no nasty surprises or hidden fees when the time comes to switch to a fix.

“We also won’t re-evaluate the LTV on a property when the fixed period starts, meaning borrowers really can have their cake and eat it - balancing a great rate with the piece of mind they are protected against future costs.”