ACCORD REMOVES ALL MAXIMUM VALUE RESTRICTIONS AND REINSTATES MAXIMUM LOAN SIZE TO £5MILLION FOR RESIDENTIAL PURCHASES
Accord Mortgages has removed all property value restrictions and returned its maximum loan size to £5million for residential and £1million for buy-to-let applications.
A property value limit was put in place at the end of March, but with physical valuations now taking place, and as the Accord proposition starts to return to its pre-covid-19 offering, from Friday 29th May, the restrictions will be lifted.
In addition, the lender is also re-launching its range of 90% loan-to-value (LTV) products with a maximum loan size of £600,000, providing positive news for brokers with clients looking to purchase or remortgage higher value properties.
The new higher LTV range includes:
- A two-year fixed rate at 2.35% at 90% LTV available for both house purchases and remortgages. The product comes with £995 fee, £500 cashback, free valuation and for remortgage customers free standard legal services
- A five-year fixed rate at 2.50% at 90% LTV available for house purchases, with £995 fee, £500 cashback and free valuation
- A five-year fixed rate at 2.49% at 90% LTV for remortgages only with £995 fee, £500 cashback, free valuation and free standard legal services
The latest changes from Accord also include a number of rate reductions on selected products at 75% to 85% LTV. These include:
- A two-year fixed rate at 1.64% (was 1.71%) at 75% LTV available for house purchases. The product comes with £995 fee, £500 cashback and free valuation
- A five-year fixed rate at 2.03% (was 2.07%) at 80% LTV for remortgages only, with no fee, £250 cashback, free valuation and free standard legal services
- A two-year fixed rate at 2.04% (was 2.08%) at 85% LTV available for house purchases. The product comes with £495 fee, £500 cashback and free valuation
Jeremy Duncombe, Director of Intermediary Distribution at Accord Mortgages said:
We’re committed to rebuilding confidence in the market and supporting brokers and their clients with a competitive and broad range of products. Being able to remove the property value restrictions and increase our maximum loan size is the latest in a series of changes we have made to get back to our pre-covid criteria wherever possible.
Following last week’s successful launch back into the 90% LTV market we are also pleased to expand this range by re-introducing loans available up to £600,000. We first launched this offering back in November last year and had a very positive response from brokers, so it’s great to be able to meet the demand for these products once again.