Accord Mortgages has announced it is increasing its maximum loan size to £2m on new lending and additional lending between 80% and 85% LTV.
Previously capped at £1m, the new products, available from Wednesday 29 July, are available for both house purchases and remortgages and come with a £995 fee, £500 cash back and free valuation.
As part of the new launch, Accord also revealed that rates on selected products across 75% to 85% LTVs will be increased, after the lender reported “significant competitor movement” within the higher LTV markets.
“Borrowers have very few options when looking for larger loan products in this LTV bracket,” Accord corporate account manager – propositions, Nicola Alvarez, commented. “We’ve therefore increased our maximum loan size to offer brokers more choice when advising high income clients looking to purchase or re-mortgage a high value property at a higher LTV.
“Accord remains committed to supporting the market and we hope these latest changes, alongside our common sense lending approach, will help us ensure we can offer a broad range of competitive products with the service brokers expect from us.”
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