The enhancements have been made where the rate is fixed for five-years or more
All prime borrowers will now benefit from increased income multiples of up to 5x on long term fixed rates. The new multipliers are applied to each borrower individually, based on their salary.
Current mortgages with Accord that will benefit from this enhancement are:
- 4.79% fixed until 31/03/11
- 4.94% fixed until 31/03/11 (fee assist)
- 4.95% fixed until 31/01/16 (fee assist & HLC free)
- 4.99% Offset, fixed until 31/03/11
- 5.09% Professional Offset, fixed until 31/03/11
- 5.54% Professional 100%+ Offset, fixed until 31/03/11
Linda Will, Accord Mortgages’ managing director said: "We’re delighted to be offering brokers another opportunity to help their clients to get the right mortgage for them. This improvement could help a whole range of borrowers, from first time buyers struggling to make their first purchase, to home movers, looking to get that special property.
"Taking a longer term fix introduces stability in terms of affordability, which, in our model, more than justifies the enhanced multiples."
