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TODAY'S OTHER NEWS

Accord to offer Help to Buy mortgages along with new-build lending

Accord Mortgages has announced a range of new or enhanced initiatives designed to support brokers with new-build cases.

This includes a range of mortgages up to 90% loan-to-value (LTV) on houses and flats, increased speed to offer and completion and new-build helplines which will enable brokers to speak directly to specialist new-build underwriters and Business Development Advisers (BDA).

The intermediary-only lender also confirmed it has entered the Help to Buy equity loan mortgage market.

Jeremy Duncombe, director of Accord Mortgages, commented: “We understand that the new-build market is different, has a number of different challenges and that it requires a dedicated service for brokers.”

“We’re committed to meeting these requirements and to look for ways to add value. This might be by providing early certainty on whether we’ll lend on a particular development, or ensuring day one instruction of valuations.”

Accord shaped its new offering by using feedback from its previous new-build proposition with key lending partners.

David Hollingworth of London & Country Mortgages, said the new-build market has specialist requirements in order to deliver the right package for advisers and their customers. By understanding the needs of brokers and homeowners, lenders can help target the necessary product specification, criteria and service levels.

He added: “Accord has shown a real desire to deliver that with specialist teams dedicated to the new-build market and in developing its criteria to better suit customers’ needs, for example, being able to offer an extension on the original six-month offer period.”

Furthermore, Accord Mortgages has launched a range of broker-exclusive Help to Buy mortgages at both 60% and 75% LTV, all of which offer a free standard valuation and £500 cashback.

For borrowers, rates start at 1.80% with a 25% deposit looking to fix for two years, which comes with a free standard valuation, £500 cashback and £495 fee. Those with a larger deposit can look forward to a two-year fixed rate mortgage at 1.57% up to 60% LTV. This mortgage has a £995 fee but offers a free standard valuation and £500 cashback.

“Help to Buy naturally goes hand-in-hand with new-build initiatives, helping first-time buyers and those wishing to move up the ladder,” Duncombe added.

“The government’s focus on building new homes has seen new developments being built across the country and we believe the options we’ve announced complement the growth of the UK housing market.”

As well as offering brokers and their clients a range of new Help to Buy options, Accord will also continue to provide remortgage options for borrowers who already have an equity loan from the government and come to the end of their first five years.

David Hollingworth added: “Given that Help to Buy plays a key role in many buyers’ plans it’s welcome news that Accord will be launching into the sector.”

“The more lenders that are offering Help to Buy, the better the range of product options for advisers and can only help enhance a competitive market.”

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