Accord reinstates higher LTI caps for higher incomes

Accord Mortgages has confirmed it is reverting its loan-to-income (LTI) cap to five times for those on an income of £60,000 and above.
In October 2020, the lender standardised its LTI caps to 4.49 for all incomes to “manage service levels”.

However, Accord revealed that its recent headcount increase has improved capacity and indicated that the measure was no longer needed.
As of Wednesday 20 January, Accord’s affordability will be calculated at 4.49 times for incomes less than £60,000, and at five times for incomes of £60,000 and above

“Last year saw us introduce a number of temporary measures to help maintain service levels and ensure we could provide brokers with the best support during what were challenging times for everyone,” commented Accord corporate account manager – proposition development, Nicola Alvarez.
“The impact of these measures, along with the boosting of our underwriting and sales teams, means just three months later we are in a position to return to our standard LTI policy. This is great news for brokers working with higher income clients.”
Accord, the intermediary lending subsidiary of Yorkshire Building Society, confirmed that the Yorkshire is also updating its lending policy back to an LTI cap of five times for incomes of £60,000 and above.

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