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Accord raises LTI multiple to five for higher earners

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  • 18/01/2021
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Accord raises LTI multiple to five for higher earners
Accord Mortgages is raising its loan to income (LTI) cap back to five times for those on an income of £60,000 and above.

 

In October the lender capped LTI at 4.49 for all incomes to manage service levels.

Accord said its recent headcount increase has improved capacity and this measure is no longer needed.

The increased cap takes effect from Wednesday 20 January.

Affordability will remain at 4.49 times for incomes less than £60,000.

Nicola Alvarez, corporate account manager – proposition development at Accord Mortgages (pictured), said: “Last year saw us introduce a number of temporary measures to help maintain service levels and ensure we could provide brokers with the best support during what were challenging times for everyone.

“The impact of these measures, along with the boosting of our underwriting and sales teams, means just three months later we are in a position to return to our standard LTI policy.

“This is great news for brokers working with higher income clients.”

 

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