Accord Mortgages has announced that it is adding new build options to its 90% LTV mortgage range.
The intermediary-only lender said it intends to give borrowers “much needed choice” in the limited market.
For borrowers buying a new build with a maximum loan size of £500,000, the new range includes a two-year fixed rate at 3.70% and a five-year fixed rate at 3.76%. For those requiring a maximum loan size of £600,000, the lender’s products are available at a two-year fixed rate at 3.80%, as well as a five-year fixed rate at 3.86%. All four products come with a £495 completion fee, £750 cashback and free standard valuation.
Accord also confirmed that the loan-to-income (LTI) ratio will be capped at 4.49% while new build flats will not be permitted, and neither will new build properties in Northern Ireland.
Accord corporate account manager, Nicola Alvarez, commented: “We’re delighted to be expanding our new build criteria to 90% LTV as we continue to demonstrate our commitment to providing lending solutions to support brokers and their clients.
“Being at the forefront of the market with this new range supports our position as a new build lender, not just a lender that does new build.”
Accord’s new build expansion to 90% LTV has been welcomed by house builder, Barratt Homes, and head of mortgage lender relations, Adrian MacDiarmid, added: “It is a vital part of a robust housing market that buyers, whether purchasing for the first time, or moving home with access to limited equity, can access homeownership with a reasonable deposit.
“With Help to Buy now restricted to first-time buyers and by regional price caps, Accord’s move to support 90% lending on new build houses is particularly welcome, and a testament to their continued support for the housing market generally.”
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