Mortgage News
Accord Mortgages reduces minimum income requirements for those looking to borrow more
Accord Mortgages has lowered the minimum income requirement for those who want to borrow more than 4.49x their earnings.
The previous minimum income requirement was £60,000.
The minimum income change takes effect form today and applies to mortgages up to 90% loan to value (LTV) including new-build houses and flats.
The previous maximum LTV for new build and was previously 85%.
The changes allows borrowers with a household income of £50,000 to borrow up to 5x their income, with the exception of its Boost LTI product where the earning threshold its 5.5x loan to income (LTI) up to 90% LTV.
The lender is upping the maximum LTV for new build home purchases using its Boost LTI deal from 85% to 90% LTV.
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Nicola Alvarez, senior manager, proposition development for Accord Mortgages, said: “This change – which is the latest example of Accord’s common-sense lending – will help brokers in their vital role to find solutions for even more clients, recognising the affordability challenges faced by so many, providing them with increased flexibility to achieve their borrowing goals in today’s challenging mortgage market.”