Accord’s credit repair scheme guarantees all borrowers who make all 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, and includes heavy and unlimited impairment. Accord will pay a further 0.23 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, and on near-prime joint applications intermediaries can get up to five times income for both parties and up to 95 per cent loan-to value (LTV).
Enhanced rates have also been introduced, with products introduced at 65 per cent LTV. Tracker mortgages start at 5.29 per cent, with the option of cashback, free valuations and stepped rates. There are also a range of two-year fixed rates across all adversity levels and self-cert options.
Accord’s managing director, Linda Will, said: “This new range offers intermediaries a great deal for their clients. With no higher lending charge to pay and the ability to add the application fee to the loan. Accord Mortgages is making it easier than ever for clients with damaged credit to get the loan they need. Whether they are looking for a good rate with a low LTV or need an income stretch for clients with a higher income, Accord has the mortgage product to match.”
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 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.”
