Accord’s credit repair scheme guarantees that all borrowers who make their payments on time during the initial period will be eligible for any of Accord’s existing borrower transfer products at the end of the offer period. This applies regardless of the level of impairment at the outset, including heavy and unlimited. Accord will pay a further 0.235 per cent procuration fee to intermediaries once a client transfers.
Further changes include, higher income multiples across all five-year fixed rates on all adversity levels. On near-prime products, joint applications can get up to five times income for both parties and up to 95 per cent LTV.
Enhanced rates are also available with new products introduced at 65 per cent LTV. Tracker mortgages start at just 5.29 per cent and there are options of cashback, free valuations and stepped rates. There are also a range of two year fixes across all adversity levels and self-cert options too.
Accord’s managing director, Linda Will, said: “This new range offers intermediaries a great deal for their clients, there is no higher lending charge to pay and the application fee can be added to the loan. We are trying to make it easier than ever for clients with damaged credit scores to get the mortgage loan they need. Whether they are looking for a good rate with a low loan-to-value or need an income stretch for clients with a higher income.”
Michael Brill, director at Baronworth Financial Services, said: “If you don’t need an enhanced income this is a good deal. However you must be careful with Accord giving you five times income. As a new borrower even though you’ve kept up to date with your payments, there is no guarantee you’ll get five times your income again.”
