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Accord withdraws all 60 per cent LTV BTL deals

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  • 17/08/2020
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Accord withdraws all 60 per cent LTV BTL deals
Accord is withdrawing all 60 per cent loan to value (LTV) buy-to-let deals.

 

The lender said the 15 products will be removed at 8am Tuesday 18 August and “will not be replaced at this time”.

Last week Accord relaunched its buy-to-let proposition for first-time landlords, with criteria available up to 75 per cent LTV.

With significant restrictions in place due to the coronavirus pandemic lenders across the market are facing challenges maintaining service levels, resulting in frequent product reprices and short-notice withdrawals.

Nicola Alvarez, corporate account manager, proposition development (pictured), said: “Following competitor movement we have seen a substantial increase in demand at this LTV and to ensure we can maintain our service levels that we know our brokers and landlords rely on, we have taken the difficult decision to temporarily withdraw our 60 per cent LTV product range.

“The remainder of our buy to let range at other LTVs remains unchanged.

“We are committed to supporting brokers by offering as broad a range of products as possible while managing service levels.

“Our appetite to lend and our commitment to supporting brokers and their clients, has not changed and we look forward to returning to this segment of the buy to let market as soon as service levels allow.”

 

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