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Accord eases buy-to-let ICR and broadens age criteria

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  • 02/10/2019
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Accord eases buy-to-let ICR and broadens age criteria
Accord has announced a host of changes to its buy to let offering, including widening the ages of borrowers it will consider applications from.

 

From today it is cutting the minimum age from 25 to 18, increasing the maximum age at application to 75 from 70 and maximum age at term expiry from 75 to 85.

In addition it has increased the defined retirement age from 65 to 70 for employed applicants.

Alongside the age criteria changes, Accord is also introducing a new income and tax-based income cover ratio (ICR). Borrowers who either pay basic rate or no income tax, and whose total income is less than £45,000, will qualify for a lower ICR of 125 per cent.

Chris Maggs (pictured), senior commercial manager at Accord, said the changes would provide additional support for landlords and help those who were planning to rely on a buy-to-let income into retirement to do so more easily.

He added: “We know from broker feedback that these changes will increase the options available and ensure the best products can be sourced for their clients.”

In addition to the criteria changes, Accord has launched 28 new products at 80 per cent LTV across two-, three- and five-year terms.

 

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