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Accord temporarily withdraws 90 per cent LTV deals

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  • 08/06/2020
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Accord temporarily withdraws 90 per cent LTV deals
Accord Mortgages is set to withdraw all mortgage deals at 90 per cent loan-to-value (LTV) from 8pm tonight.

 

Since re-entering the market in mid-May, the intermediary lender said it has seen higher than expected volumes of applications.

To manage demand and reduce impact to service the lender is withdrawing its 90 per cent LTV range for a limited period.

Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “As one of the few lenders offering products at 90 per cent LTV, we have seen a significant increase in applications since re-launching last month.

“Our service levels are something brokers know they can rely on, so to ensure we can maintain the standards expected of us, we have taken the difficult decision to temporarily withdraw the range.

“Our commitment to supporting brokers and their clients and our desire to lend is still as strong as ever and we look forward to re-entering the market as soon as service levels allow.”

Last week the lender repriced its 90 per cent LTV deals making them more expensive for borrowers.

Virgin Money has employed the same tactic, by increasing its rates for borrowers with a 10 per cent deposit by up to 0.49 per cent.

 

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