Accord accepting applications up to 90% LTV

Accord Mortgages has announced it is accepting residential house purchase and remortgage applications up to 90% LTV.

The change is part of several updates to its lending policies following the recommencement of physical valuations.

As of today, the intermediary lender revealed it will also accept new build purchases up to a maximum of 85% LTV, as well as Help to Buy applications up to 75% LTV.

Accord will also be relaunching 18 new products to support the new lending, and the highlights of its 90% LTV range for house purchases include a two-year fixed rate at 2.32% and a five-year fixed rate at 2.43%, and for remortgages at 90% LTV a two-year fixed rate at 2.35%, as well as a five-year fixed rate at 2.44%.

The lender’s new Help to Buy products include a two-year fixed rate at 1.93% at 60% LTV and a five-year fixed rate at 1.99% at 75% LTV.

At present, lending in Northern Ireland is not included in these changes, and Accord announced it was being looked at separately.

The lender’s director of intermediary distribution, Jeremy Duncombe, commented: “Hot on the heels of last week’s announcement where we improved our criteria and introduced physical valuations, we’ve been working hard behind the scenes to return to as much of our pre-lockdown criteria as we can. This means a welcome return to 90% LTV for purchase and remortgage from today.
“We’re especially pleased to also be able to start lending up to 85% on New Build and offer Help to Buy products to support those who are keen to get on the housing ladder. We know the market is keen to get back to some sort of normal as fast as possible and these are all positive steps.

“In these uncertain times, brokers need to have a competitive range of options to offer borrowers. There has never been a better time for advisers to demonstrate the value of good advice and offer reassurance. These changes, and our common sense underwriting approach, allow brokers to do just that.”

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