This week another positive post covid lender update has been revealed as mortgage lender Accord Mortgages announced that they will be increasing their maximum mortgage loan to values from the previous maximum of 85% on new build properties and 90% on non-new build.
For new builds, the maximum LTV has gone up to 90% LTV meaning potential buyers can put down as little as 10% deposit for a new build flat on a straight mortgage and, for non-new build flats, the maximum LTV is 95% meaning you could put down a minimum of 5% deposit. New pricing includes a 90% LTV two-year fix at 2.85% and a five-year fix at 3.11%. Both charge a £495 fee and come with £250 cashback and a free valuation.
What are new build advisors saying?
Louis Mason, content manager at Oportfolio says: “This is absolutely brilliant news. Not just for mortgage customers but for people selling flats too like builders. The fact that Accord, a big player in the mortgage intermediary world, has returned to pre-covid levels really signals to me that the market has returned, and lenders are regaining that confidence that they once had in their clients. Now that buyers only need a 5-10% deposit, we should be seeing more estate agent activity and more people coming to brokers to help them make the most of this fantastic news.”
Accord Mortgages senior manager for new propositions Nicola Alvarez also says: “We’re committed to helping brokers support their clients with options suited to a range of needs and increasing our maximum LTV for flats will give more competitive choice in the market.“Remortgagers wanting a higher LTV or first-time buyers and those restarting on the property ladder who may have been squeezed out of the house purchase market as a result of excessive house price inflation recently, could benefit. The change will help these borrowers and more find a suitable alternative – it’s all part of our common-sense approach to lending.”
If you or someone you know is thinking of purchasing or remortgaging a flat and wants to know more about Accord’s new loan to values, please feel free to give our helpful team a call on 02088771169.
