Help to buy mortgages to new build lenders

Accord mortgages to offer help to buy mortgages as part of drive to be known as a new build lender

  • Intermediary-only lender rolls out bespoke new-build proposition to all brokers
  • New initiative includes a specialist team to provide expert support to brokers, mortgages up to 90% LTV for houses and flats and day one valuation instructions as standard
  • Accord also enters Help to Buy mortgage market with new market-leading range at 60% LTV and highly competitive rates at 75% LTV

Accord Mortgages has announced it is rolling out a new and improved approach to new-build lending to all brokers from today.

The intermediary-only lender, part of Yorkshire Building Society, has introduced a dedicated new-build team and a range of new or enhanced initiatives designed to support brokers with new-build cases.

This includes a competitive range of mortgages up to 90% LTV on houses and flats, increased speed to offer and completion and the introduction of new-build helplines to enable brokers to speak directly to specialist new-build underwriters and Business Development Advisors (BDAs).

The lender also confirmed it has entered the Help to Buy equity loan mortgage market.

Jeremy Duncombe, Director of Accord Mortgages, said:

“We’re really pleased to be able to roll out our new-build proposition across the intermediary market.
“We understand that the new-build market is different, has a number of different challenges and that it requires a dedicated service for brokers.
“We’re committed to meeting these requirements and to look for ways to add value. This might be by providing early certainty on whether we’ll lend on a particular development, or ensuring day one instruction of valuations.
“We are now a new-build lender, not just a lender that does new-build. That’s why we’ve invested in the creation of new-build specific teams, alongside improved criteria, to provide an end-to-end, first-class service to brokers."

Accord previously piloted its new-build proposition with key lending partners and has used feedback to shape its new offering.

David Hollingworth, of London & Country Mortgages, said:

“The new-build market has some pretty specialist requirements in order to deliver the right package for advisers and their customers. Lenders that understand the needs of brokers and homeowners can really help target the necessary product specification, criteria and service levels.
“Accord has shown a real desire to deliver that with specialist teams dedicated to the new-build market and in developing its criteria to better suit customers’ needs, for example being able to offer an extension on the original six month offer period.”

Accord Mortgages has also launched a range of broker-exclusive Help to Buy mortgages at both 60% and 75% LTV. All of which offer a free standard valuation and £500 cashback.

Rates start at 1.80% for borrowers with a 25% deposit looking to fix for two years, which comes with a free standard valuation, £500 cashback and £495 fee. For those with a larger deposit, customers could be interested in a market-leading two-year fixed rate mortgage at 1.57% up to 60% LTV. This mortgage has a £995 fee but the benefit of a free standard valuation and £500 cashback.

Commenting, Jeremy Duncombe said:

“Help to Buy naturally goes hand-in-hand with new-build initiatives, helping first-time buyers and those wishing to move up the ladder.
“The government’s focus on building new homes has seen new developments being built across the country and we believe the options we’ve announced today complement the growth of the UK housing market.
“We’re pleased to be able to offer brokers and their clients a range of new Help to Buy options. We’ll also be continuing to offer remortgage options to borrowers who already have an equity loan from the government and come to the end of their first five years.”

David Hollingworth added:

“Given that Help to Buy plays a key role in many buyers’ plans it’s welcome news that Accord will be launching into the sector. The more lenders that are offering Help to Buy, the better the range of product options for advisers and can only help enhance a competitive market.”

To view the current Accord product range visit www.accordmortgages.com or click here.