Accord Mortgages has updated its lending criteria for mortgage applicants from the European Union (EU), European Economic Area (EEA) and Switzerland as a result of the UK’s decision to leave the EU.

Following the end of the Brexit transition period, the lender has announced that from Wednesday 17 February 2021, any EU, EEA or Swiss nationals applying for a mortgage with the lender will need to evidence their residency status.

The intermediary-only lender stated that settled or pre-settled status from the EU settlement scheme will be accepted, with applicants required to provide their government website share code to evidence their residency status. Accord has also confirmed there will be no LTV restrictions applied to borrowers with both settled or pre-settled status, and that these changes apply to the lender’s residential and buy-to-let criteria.

Since January 1 2021, any EU, EEA or Swiss national entering the UK needs to apply for a visa, British citizenship or indefinite leave to remain through the new EU settlement scheme.

EU, EEA or Swiss nationals without an EU settlement status can still apply for a mortgage, Accord confirmed, and will be considered under the lender’s existing criteria for those without permanent right to reside.

Accord corporate account manager, Nicola Alvarez, commented: “We continue to support brokers placing cases for EU, EEA and Swiss nationals, applying our common sense approach to lending.”

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