Accord removes maximum loan size restrictions

Accord Mortgages has removed all property value restrictions and announced it is returning to its maximum loan size to £5m for residential and £1m for buy-to-let applications.

The lender had put a property value limit in place at the end of March but with physical valuations now taking place, Accord has stated that the restrictions will be lifted from Friday 29 May.

Furthermore, Accord also revealed it is relaunching its range of 90% LTV products with a maximum loan size of £600,000, providing positive news for brokers with clients looking to purchase or remortgage higher value properties. The lender’s latest changes also include a number of rate reductions on selected products at 75% to 85% LTV.

Accord director of intermediary distribution, Jeremy Duncombe, commented: “We’re committed to rebuilding confidence in the market and supporting brokers and their clients with a competitive and broad range of products.

“Being able to remove the property value restrictions and increase our maximum loan size is the latest in a series of changes we have made to get back to our pre-COVID-19 criteria wherever possible.

“Following last week’s successful launch back into the 90% LTV market, we are also pleased to expand this range by re-introducing loans available up to £600,000. We first launched this offering back in November last year and had a very positive response from brokers, so it’s great to be able to meet the demand for these products once again.”

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