Accord Mortgages is revising its higher loan to value (LTV) mortgage offering to include new build options up to 90% LTV.
For borrowers buying a new build with a maximum loan size of £500,000, the new range includes:
- A two-year fixed rate at 3.70%
- A five-year fixed rate at 3.76%
For borrowers requiring a maximum loan size of £600,000, the following products are available:
- A two-year fixed rate at 3.80%
- A five-year fixed rate at 3.86%
All four products come with a £495 completion fee, £750 cashback and free standard valuation. The Loan to Income (LTI) ratio is capped at 4.49% and new build flats are not permitted, nor are new build properties in Northern Ireland.
Nicola Alvarez, corporate account manager at Accord Mortgages, said: “We’re delighted to be expanding our new build criteria to 90% LTV as we continue to demonstrate our commitment to providing lending solutions to support brokers and their clients. Being at the forefront of the market with this new range supports our position as a new build lender, not just a lender that does new build.”
Adrian MacDiarmid, head of mortgage lender relations at Barratt Homes, added: “It is a vital part of a robust housing market that buyers, whether purchasing for the first time, or moving home with access to limited equity, can access homeownership with a reasonable deposit.
“With Help to Buy now restricted to first-time buyers and by regional price caps, Accord’s move to support 90% lending on new build houses is particularly welcome, and a testament to their continued support for the housing market generally.”
The changes take effect on Friday 21 May.
