Accord to stop lending to furloughed applicants

Accord Mortgages has announced that from today it will no longer accept new lending applications from applicants on furlough.
 
Residential and buy-to-let applicants must be back at work before their income can be considered, in a move which the lender suggested aims to provide “greater clarity and improve service” to brokers and their clients.

For cases already submitted where the applicant is on furlough, Accord indicated that additional information must be evidenced by Friday 11 September in order to proceed. Brokers with a case in the pipeline will be contacted by an underwriter to discuss their next steps.
 
Accord director of intermediary distribution, Jeremy Duncombe, commented: “We appreciate that brokers find themselves in an ever-changing environment as lenders make regular updates in response to Covid-19.
 
“We are receiving a huge volume of enquiries around what the furlough scheme means for applications, which is impacting our capacity to write new business. To ensure we can manage service levels and continue to lend responsibly, we have made the difficult decision to simplify our lending policy which hopefully provides more transparency for brokers and improves turnaround times.”

Yorkshire Building Society has also updated its lending policy with applicants required to be back at work before their income can be considered.

    Share Story:

Recent Stories


Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.

An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area

Empowering advisers: A decade of education in Later Life Lending with Air Academy
Michael Griffiths is joined by chairman of Air Club and former founder and CEO of Air, Stuart Wilson, and head of the Air Academy, Daniel Holden, to look back on a decade of business focused learning at the Air Academy.


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.