Accord Mortgages has announced it will be offering 90% loan-to-value (LTV) products from Wednesday 17 June, exclusively for first-time buyers.
 
Having recently relaunched its 90% LTV range, the intermediary lender briefly paused borrowing for those with a 10% deposit on Monday 8 June to manage service levels, after reporting huge application volumes that resulted in the lender’s two busiest days in its 17-year history.
 
To be eligible for the products, Accord stated that at least one applicant must be a first-time buyer, defining a first-time buyer as someone who has never owned a property or held a mortgage before.

The lender added that there are no changes to lending criteria or loan sizes and that the available 90% LTV products include a five-year fixed rate at 2.99% with £495 product fee, and another fixed rate for five years at 3.09% with no product fee.

Accord director of intermediary distribution, Jeremy Duncombe, commented: “Our commitment to the housing market has not changed and our new range of products aims to help first-time buyers with smaller deposits, a group which has so far been offered limited choice. This will help the purchase market and keep chains moving, hence allowing subsequent buyers to keep moving on.
 
“We reluctantly took the decision to temporarily withdraw from this LTV tier just nine days ago and our underwriters have worked incredibly hard to get our service levels back to the Accord standard to which brokers have become accustomed to. It’s also testament to our MSO platform, introduced in autumn last year, which has enabled us process applications as efficiently as possible.
 
“We hope by offering longer term fixed rate products borrowers are given confidence in managing their payments in a very uncertain market. We know the demand is there and we have streamlined our products to ensure we can support brokers and their clients on the purchase journey.”

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