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.
WE’RE INCREASING RATES ON OUR RESIDENTIAL PRODUCT TRANSFER AND ADDITIONAL LOAN PRODUCT RANGES
We appreciate the market is volatile at present, and whilst not always possible, will endeavour to give you at least 24 hours’ notice of any upcoming changes.
On 6 July, Accord are increasing rates on their Residential Product Transfer and Additional Loan product ranges. The current range will be withdrawn at 8pm Wednesday 5 July and the new range will be available at 8am Thursday 6 July.
What’s changing?
- We’re are increasing most fixed rate products by 0.20%
- 3 products will see increases of 0.04%-0.30% at 90%, 95% and 100%+ LTVs
When is this change?
The current range will be withdrawn at 8pm Wednesday 5 July and the new range will be available at 8am Thursday 6 July.
Speeding things up for you
We know it’s very busy at the moment – to find the information you need in a hurry (including our criteria) our website is here to help you get answers quickly and easily.
Residential New Business purchases (including new build properties)
To help you help more clients, Accord are pleased to now be able to offer you Joint Borrower Sole Proprietor (JBSP) mortgages.
Who’s it for?
With their new JBSP mortgages, if you have a client who needs extra income for affordability, they can now apply with an immediate family member as a non-owner borrower on their mortgage to help them achieve their home ownership aspirations.
How does it work?
- Complete the mortgage application as usual, selecting the JBSP option under ‘Property Ownership Type’, and MSO will do the rest
- What’s more, you can choose a product from their existing product range, including offset options
What else do you need to know?
- Maximum of 2 applicants – 1 owner and 1 non-owner borrower who are both responsible for the mortgage
- Immediate family <add link to website> only for non-owner borrower
- Minimum £20k income for the owner borrower
- Non-owner borrower’s household expenditure and debts will also need to be entered
- Independent Legal advice is required for the non-owner borrower as a condition of the mortgage offer
- Excludes
- Cascade Score
- Boost LTI
- Interest Only
- Deposit Unlock
- All other standard criteria and affordability applies
Find out more about Joint Borrower Sole Proprietor here. To access Accord’s Consumer Duty Fair Value assessment for Joint Borrower Sole Proprietor mortgages please click here.
When is this change?
Your clients can benefit from this change immediately.