Accord Mortgages have released an update on their product range, the details are set out below. Accord products are available through our direct to lender mortgage club so contact us for more information on how our club can support your business.
Launching tomorrow – our new FTB 95% LTV deal
First-time buyers with just a 5% deposit will receive a boost from tomorrow (Wednesday) as we become the first lender to return to the 95% LTV market.
We’re launching a five-year fixed rate mortgage – exclusively to first-time buyers. The new product has a fixed rate of 3.99% and comes with a £995 fee and free standard valuation. It’s available up to a maximum borrowing of £500,000.
We won’t be using the government’s mortgage guarantee scheme for this product and it’s not available for flats, new builds or properties in Northern Ireland.
We were one of just a handful of lenders that continued to offer 90% LTV mortgages during the pandemic and we’ve been monitoring the market closely to ensure we carefully broaden our support to those clients with even smaller deposits.
To qualify for the new product, first-time buyers will be able to borrow a maximum of 4.49 times their income, ensuring prudent affordability; to get an accurate lending figure please complete a DIP.
As the first lender to launch a new 5% deposit mortgage to the market, it’s important we balance demand with being able to offer the high levels of service you and your clients expect. So, this product may be withdrawn at relatively short notice, but we’ll continue to signpost our intentions wherever possible.