Accord Mortgages is opening out its range of mortgage products that come under the Cascade Score umbrella to people who want to remortgage their homes, in addition to purchase clients that already have this privilege.
The lender brought in this range back in the spring to provide mortgage advisors with customers who are able to meet the standard Accord scorecard but not its higher loan-to-value (LTV) one with more loan choice. It means that Accord is now able to service such clients through one of these products – should they meet the criteria and affordability requirements – whereas before they would have had to turn them down.
Accord has stated that the opening out of this range will not involve any extra work for advisors when they are putting in decisions in principle. It just means that some applications that would have been rejected before will be cascaded now and borrowers will be able to choose one of the products.
Accord’s new propositions senior manager Nicola Alvarez told Financial Reporter that the Cascade Score idea had received a very positive reaction from mortgage advisors since it started and that this had motivated the lender to expand its reach.
She then went on to add that:
“I’m really pleased we’re able to extend it to remortgage clients as well as purchase, building on the success of the initial range as part of our continued commitment to common-sense lending.”
Almost every advisor with a CeMAP qualification has clients right now who they are struggling to find mortgages for so this news will be welcome.