Accord Mortgages is to offer 90% loan to value (LTV) products from 9am on Wednesday 17 June, exclusively for first-time buyers.
The lender briefly paused borrowing for those with a 10% deposit on Monday 8 June to manage service levels after huge application volumes saw Accord experience its two busiest days in its 17-year history.
To be eligible for the products, at least one applicant must be a first-time buyer. Accord’s definition of a first-time buyer is someone who has never owned a property or held a mortgage before.
The products are as follows:
- A five-year fixed rate at 2.99% at 90% LTV with £495 product fee and free valuation
- A five-year fixed rate at 3.09% at 90% LTV with no product fee and free valuation
There are no changes to lending criteria or loan sizes.
Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “Our commitment to the housing market has not changed and our new range of products aims to help first-time buyers with smaller deposits, a group which has so far been offered limited choice. This will help the purchase market and keep chains moving, hence allowing subsequent buyers to keep moving on.
“We reluctantly took the decision to temporarily withdraw from this LTV tier just nine days ago and our underwriters have worked incredibly hard to get our service levels back to the Accord standard to which brokers have become accustomed to. It’s also testament to our MSO platform, introduced in autumn last year, which has enabled us process applications as efficiently as possible.
“We hope by offering longer term fixed rate products borrowers are given confidence in managing their payments in a very uncertain market. We know the demand is there and we have streamlined our products to ensure we can support brokers and their clients on the purchase journey.”