Accord Mortgages has announced a significant increase in the size of its maximum 90% loan-to-value (LTV) mortgage, as well as cutting the interest rates for many of its high LTV products.
The maximum mortgage loan available from Accord at 90% LTV will now be £750,000, whereas before it was £600,000. Borrowers will be able to access this new, bigger loan for either a remortgage product or a house purchase one, and new build houses will also be incorporated within it. Interest rates for people putting down a deposit of 10% begin at 2.32% for two-year fixed rate house purchase mortgages.
In addition to capping its 90% LTV products higher, Accord has also confirmed that its range of products with high LTVs will now come with lower interest rates. Fixed rate two-year 90% LTV products now have a starting rate of 2.22%, whereas for fixed five-year ones, it will be 2.59%.
The Mortgage Propositions Senior Manager for Accord, Nicola Alvarez, told Financial Reporter that the lender was delighted to be able to do this, and that it would provide advisors with more room to support borrowers that need bigger mortgages. She then went on to add:
“Supporting the change in maximum loan size with rate reductions and new discounted SVR options gives brokers a strong and varied range of competitive products to better help clients, particularly those requiring higher loan-to-value options.”
Any development that will help advisors with the CeMAP qualification to meet the mortgage needs of their clients is one that they will welcome.