The new deal, which tracks the Bank of England base rate, is designed to provide homeowners with flexibility to exit their mortgage early without paying an ERC.

The two-year tracker has a 1.29% interest rate, is available to both home buyers and remortgagors with a 35% deposit, and comes with a £995 product fee.

Ben Merritt, mortgage product manager at Accord, said: “The current period of record-low interest rates gives borrowers the opportunity to maximise the money they save on their monthly repayments by overpaying on their home loan.

“Our new tracker allows them to do this with the reassurance that they are not incurring any charges and can switch product at any time without having to pay ERCs – that could be particularly appealing should the Base Rate creep up.”

New fixed deals

The intermediary-only lender has also launched two short-term, fixed rate deals. These include a two-year fix at 1.32% at 65% LTV (loan-to-value), and a 1.62% two-year fix at 85% LTV.

Both mortgages are available to house purchase and remortgage customers and come with a £1,495 product fee plus free standard valuation.