Accord Mortgages is increasing its maximum loan size at 90% loan to value (LTV) to £750,000.
It is also making a number of rate reductions to its higher LTV mortgage range and reintroducing 90% lending in Northern Ireland.
Previously capped at £600,000, the higher loan size will be available on both house purchase and remortgage products, including new build houses, up to 90% LTV.
Borrowers with a 10% deposit who require up to £750,000 can choose from a selection of rates starting at 2.32%, available for house purchase on a two-year fix, with a £495 fee, £500 cashback and free standard valuation.
Nicola Alvarez, senior manager mortgage propositions at Accord, said: “We’re really pleased to introduce this change and give brokers more opportunities to help their clients with larger loan requirements.”
The intermediary-only lender will also reduce rates on its higher LTV mortgages and launch a new range of discounted standard variable rate (SVR) mortgages across all LTVs from 65%.
Highlights of the 90% LTV rate reductions include:
- A two-year fixed rate at 2.22% (was 2.34%) for house purchase
- A two-year fixed rate at 2.24% (was 2.43%) for remortgage
- A five-year fixed rate at 2.59% (was 2.70%) for house purchase
All three products come with a £495 fee, £500 cashback and free standard valuation.
Accord’s new two-year discounted SVR range is available for both purchase and remortgages, with rates starting from 1.19% at 65% LTV.
Alvarez added: “Supporting the change in maximum loan size with rate reductions and new discounted SVR options gives brokers a strong and varied range of competitive products to better help clients, particularly those requiring higher loan to value options. Together with our common-sense lending approach, we’re sure it’ll be welcome news for brokers.”
