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.
Exciting news from Accord – Up to 95% LTV lending for new build houses with Deposit Unlock
Applies to: Accord Residential New Business – new build house purchases
Common-sense lending is what Accord is all about, so they are pleased to announce the launch of a new product range offering LTVs of up to 95% exclusively for new build house purchases through the Deposit Unlock scheme. The new range will be available from today.
As a New Build Lender Accord is always looking for ways to help brokers help more clients onto and up the property ladder, including those with smaller deposits. The Deposit Unlock scheme means Accord can now offer up to 95% LTV for new build house purchases.
Click here for information on the scheme and the latest list of participating builders. Deposit Unlock (hbf.co.uk)
How does it work?
The good news is it’s simple – brokers don’t need to do anything differently
- It’s the same as any other new build application, just remember to select ‘New Build’ at DIP to generate the right outcome. You will be advised to upload the Deposit Unlock builder letter from your client during the application journey
- Select from the Deposit Unlock range of products
- Accord is only able to consider applications for properties which are eligible for the Deposit Unlock scheme.
What else do you need to know?
- Above 90% LTV up to maximum 95% LTV – exclusive Deposit Unlock product range
- New Build house purchases that are part of the Deposit Unlock scheme only (no flats, no remortgages)
- Standard lending policy and affordability criteria must be met
- Max borrowing £600K
- Available in England, Wales and Scotland
- As with all New Build lending above 85% LTV a max LTI cap of 4.49 x applies
- Product fees can still be added to the loan at 95% LTV
When will the range be available?
The new Deposit Unlock product range is available from today Wed 3 August
Accord is increasing rates on their Buy to Let New Business range and reintroducing three year fixed rate products
Applies to: Buy to Let New Business
The Accord Buy to Let New Business product range will be withdrawn at 8pm on Thursday 4th August and replaced with a full new range at 9am on Friday 5th August.
What’s changing?
- 2 Year Fixed Rates are being increased by between 0.25% and 0.46%
- 5 Year Fixed Rates are being increased by between 0.01% and 0.27%
- Discount Standard Variable Rate products are being increased by 0.25%
- 3 Year Fixed Rate products are being re-introduced starting at 3.46%
- Product End dates on all products are being extended to the end of February
When is this change?
- The existing Buy to Let New Business range will be withdrawn at 8pm on Thursday 4th August
- The new range will be available from 9am on Friday 5th August