Accord Mortgages has introduced an exciting new range of first-time buyer (FTB) cashback mortgage products, designed to help ease the financial burden of purchasing a first home. These new mortgage products offer cashback amounts from £2,500 up to £6,250, providing much-needed support to buyers facing the significant costs of getting on the property ladder. In this blog, I will explain the new changes to Accord cashback mortgage products and what impact they might have for first-time borrowers.
What Are the New Cashback Mortgage Products?
Accord’s new first-time buyer cashback mortgage products are available for those with a loan-to-value (LTV) ratio of 90% or 95%, meaning that buyers need a deposit of just 5% or 10% to be eligible. These mortgages are tailored to different borrowing needs and include competitive interest rates.
Key Details of the Cashback Mortgages:
90% Loan-to-Value (LTV) Mortgage
Loan amounts: £255,000 to £450,000
Interest rates: 5.19% to 5.36% for non-new builds; 5.24% to 5.41% for new builds
Property type: Available for both new and non-new builds (excluding new build flats)
95% Loan-to-Value (LTV) Mortgage
Loan amounts: £270,000 to £475,000
Interest rates: 5.50% to 5.66%
Property type: Available for non-new build and new build houses (excluding new build flats)
How Can First-Time Buyers Benefit?
Purchasing a home for the first time comes with several additional costs beyond just the deposit. These include Stamp Duty Land Tax (SDLT), legal fees, moving expenses, and furnishing costs. With cashback amounts reaching up to £6,250, buyers have the flexibility to use these funds towards these expenses, significantly easing the financial strain. For example, a first-time buyer purchasing a property at £300,000 in England would typically pay £2,500 in Stamp Duty. Accord’s cashback offer could cover this entirely, making homeownership much more accessible.
Why Are These Mortgage Products Important?
The UK property market remains challenging for first-time buyers, with rising house prices and increasing living costs making it harder to save for a deposit. By offering substantial cashback, Accord is actively helping new buyers reduce upfront costs and improve affordability. Furthermore, securing a mortgage with a lower deposit requirement (5% or 10%) can make homeownership a reality sooner, rather than waiting years to save a larger deposit.
Why Choose Oportfolio Mortgages?
Finding the right mortgage can be overwhelming, especially for first-time buyers navigating the complexities of the process. At Oportfolio Mortgages, we specialise in helping buyers find the best mortgage deals to suit their needs, including these latest cashback products from Accord Mortgages. Our expert mortgage advisors can guide you through the application process, ensuring you make the right choices that benefit your financial future. If you are a first-time buyer looking to take advantage of Accord’s cashback mortgage products, get in touch with Oportfolio Mortgages today.
