It gives brokers more choice for underserved borrowers
As part of its commitment to common-sense lending, Accord Mortgages has introduced a new range of products that will be made available to those who would previously have been declined a mortgage.
The intermediary-only lender’s new Cascade Score products have been designed to give an alternative option to brokers whose clients don’t meet Accord’s higher loan-to-value scorecard but meet its standard scorecard.
Accord will now be able to offer brokers an alternative product from the new 85%-90% LTV Cascade range, subject to affordability and lending criteria being met.
According to Nicola Alvarez, senior manager for new propositions at Accord Mortgages, brokers do not need to do anything differently when submitting a decision in principle as technology will do the job.
“Instead of what would have previously been a decline, some cases will now be automatically cascaded to offer brokers an alternative product range for consideration, potentially giving their clients more opportunities to secure a place they can call home,” Alvarez explained.
“Common-sense lending is something we pride ourselves on, and we’re always looking at ways to apply this to help more brokers and their clients,” she added.
“We know there are a number of potential borrowers who currently don’t meet our high LTV scorecard, but who may meet our standard scorecard, policy and affordability criteria. This change is for them, and I’m so pleased it means that we may be able to lend on cases we’ve previously not been able to.”
