Brilliant Solutions

Accord Update

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. 

20/01/2021

New products added to Accords BTL Product Transfer range

Applies to: BTL PT only

 Accord are launching 6 new 3 year fixed term products in their 60%, 65% and 75% LTV BTL Product Transfer ranges at 6pm Thursday 21st January.

 New BTL PT products

 60% LTV deals

•       3 year fixed £0 fee product 2.13% (product code-300445)

•       3 year fixed £950 fee product 1.90% (product code-300446)

65% LTV deals

•       3 year fixed £0 fee product 2.21% (product code-300447)

•       3 year fixed £950 fee product 2.00% (product code-300448)

75% LTV deals

•       3 year fixed £0 fee product 2.35% (product code-300449)

•       3 year fixed £950 fee product 2.10% (product code-300450)

 There are no other changes to Accords BTL Product Transfer range.

 Switching deals with Accord is an easy process. Simply select the right deal from their Product Transfer range and complete an online form to request an offer. They don’t need affordability assessments, valuations or credit checks for straightforward mortgage switches, and Accord pay a competitive 0.30% proc fee for BTL Product Transfers.

18/01/2021

We’re increasing our residential LTI cap for higher incomes

We’re pleased to let you know that we’re reverting our residential loan-to-income (LTI) cap to five times for clients whose household income is £60,000 and above.

From Wednesday 20 January, affordability will be calculated as follows:

  • At 4.49 times for incomes less than £60,000 (as it has always been)
  • At five times for incomes of £60,000 and above

This change applies to both residential new lending cases and additional borrowing for existing Accord clients.

Back in October 2020, LTI caps were standardised to 4.49 for all incomes to help us manage service levels. Since then we’ve recruited more colleagues and this has improved application handling, so this measure is no longer needed.

 What about existing applications?

For residential cases already submitted, we’ll continue to process these applications using the 4.49 LTI cap

 

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