Accord Mortgages has made a number of product changes to its prime, non-conforming and credit repair mortgages.
On its prime range, the maximum loan-to-value (LTV) on properties above £500,000 has increased from 75 per cent to 85 per cent. Accord will also offer 90 per cent of the future sale of a property as a repayment vehicle.
Other changes include considering any Stamp Duty, buildings deposit and legal fees for builders deposits of up to 5 per cent.
Linda Will, managing director at Accord, said: “These improvements have come off the back of our focus groups and we feel we have listened and responded to what our brokers were saying. These amendments might not seem much on their own but together they should make life easier.”
On Accord’s non-conforming range, LTV on heavy adverse products has increased from 75 per cent to 85 per cent. For customers with other rental property, the lender will consider their financial viability after six months rather than a year.
Credit repair changes will mean no reference checks with private landlords and Accord will soon accept 100 per cent of a borrower’s overtime or bonus income rather than 50 per cent.
Will added: “Most people have bonuses and do overtime as part of their income, so not to include them when considering a client is outdated.”
Peter O’Donovan, mortgage manager at Bestinvest, welcomed the changes. He said: “The criteria will help make mortgages easier to obtain.”
