Mortgage News
Accord steps into 90% LTV lending
Accord Mortgages is launching into 90% LTV lending with a range of two and five-year fixed rate deals from Thursday 12 January.
The lender previously lent up to a maximum LTV of 85%. The two and five-year range will offer products suitable for buyers and remortgagers.
The lender is launching a two-year fix at 4.89% with a £995 fee, a two-year fix at 4.99% with a £995 fee and £600 cashback, or a free valuation and £250 cashback.
It is also offering a five-year fix at 5.19% with a £995 fee. Deals starting from 5.29% include £600 cashback or a free valuation and £250 cashback.
Martyn Smith, head of mortgage products at Legal & General said: “This is great news from Accord and a really positive start to 2012. Accord have been very competitive in the 85% LTV market and the 90% offering looks just as good with some eye catching rates and a range of cashback and free valuation solutions. Mortgage intermediaries need more competition from lenders at 90% and this gives them just that.”
The products will be available to those with a minimum loan size of £75,000 up to a maximum of £500,000 and will not be available for borrowing on new build properties or flats.
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Martin McIntosh, Accord’s mortgage product manager added: “Our range of 85% LTV deals has proved attractive to first-time buyers and feedback from brokers has shown an appetite for greater competition in the 90% LTV market. Our move into this area represents a measured yet positive step, supporting the intermediary market as we embark on a new year of lending.”