Today, Accord Mortgages has announced major criteria changes designed to be a real game changer for first-time buyers and those using Joint Borrower Sole Proprietor (JBSP) structures to boost their mortgage affordability. These changes could make a meaningful difference for clients struggling with rising costs, deposit challenges, and tighter affordability checks, particularly in the new build space and in a tough buyer market!
What Has Accord Changed?
Accord’s two key updates sent out to our brokers at Oportfolio mortgages focus on removing the minimum income requirement for first-time buyers using higher loan-to-income (LTI) options, and enhancing JBSP criteria to support more people looking to go down that route.
Let’s break down what this means in practice.
- Higher LTI Lending for First-Time Buyers No Longer Requires a Minimum Income
One of the most significant changes is Accord’s decision to remove the minimum income requirement for first-time buyers borrowing above 4.49× income, up to a maximum of 5.5× loan-to-income. Previously, borrowers needed to meet a minimum income threshold to access enhanced income multiples. This update opens the door for more first-time buyers who have strong affordability but do not meet higher salary benchmarks.
Key features of the new First-Time Buyer criteria:
- Maximum 95% LTV
- Available on new build properties, including new build flats
- Includes Boost LTI
- Excludes JBSP lending and Accord’s £5k Deposit Mortgage
- At least one applicant must be a true first-time buyer e.g. they have never owned a property and have no background properties
- All standard affordability criteria still apply and will need to be assessed with the help of a mortgage adviser
In our eyes, this is a big win for those with lower incomes but solid affordability profiles, especially younger buyers trying to secure a foothold in the property market without relying on family support.
- Major Improvements to Joint Borrower Sole Proprietor (JBSP) Lending
Accord has also refreshed its Joint Borrower Sole Proprietor criteria, making JBSP mortgages more flexible and accessible.
What is Joint Borrower Sole Proprietor Mortgage?
Essentially a joint borrower sole proprietor mortgage is where two (or more) people go on a mortgage application for affordability purposes but only one person lives in the property. Often this can be parents going on the application with their children.
What’s new for JBSP?
Accord will now allow up to 95% LTV on purchases of new build houses e.g. You can potentially put down as little as 5% deposit when you buy.
Non-owner applicants (e.g., parents helping children) can now extend their full loan term into retirement. For example, a 50 year old parent helping a 25 year old child could take the mortgage past their retirement age to give their child a much more affordable mortgage term. Previously, non-owner applicants often faced restrictive terms due to retirement ages.
Other JBSP criteria points:
- Available for house purchase only
- Up to 95% LTV for houses; 90% LTV for new build flats
- Excludes Interest Only, Concessionary Purchase, Cascade Score, and Boost LTI
Why These Changes Matter
Accord’s latest criteria improvements arrive at a time when affordability remains a major challenge, especially for first-time buyers navigating high rents, deposit pressures, and strict assessments. By removing income thresholds and loosening JBSP restrictions, Accord is helping more families get onto the property ladder together and supporting buyers with smaller deposits
What This Means for Borrowers
If you’re a first-time buyer or considering a JBSP mortgage, these changes could mean that you may be able to borrow more, you may no longer be blocked by minimum income rules, you’re your parents or relatives can support you better without strict retirement constraints.
However, as always each case is subject to full affordability checks and lender criteria, which is where professional advice becomes essential.
Speak to Oportfolio Mortgages for Expert Guidance
At Oportfolio Mortgages, our specialist advisers can help you understand how much you could borrow under the new criteria and how to structure your mortgage application for the right outcome for you.
If you’re a first-time buyer or considering a JBSP application, get in touch with our team today.
