Accord Mortgages is removing the cap on the amount of secured debt customers can consolidate on remortgaging to improve affordability for residential and buy-to-let clients.
According to a broker’s note, the change is effective from today and there will be no change to the cap on unsecured debt which currently stands at £50,000.
The lender also confirmed that the maximum loan to value (LTV) for residential mortgages would be 80 per cent and 75 per cent for buy-to-let.
For first-time landlords the maximum LTV would be up to 80 per cent, in order to support borrowers with smaller deposits.
It added that restrictions such as maximum loan size of £500,000 for BTL mortgages over 75 per cent and new build and debt consolidation LTVs would still apply.
For both secured and unsecured debts the limit on the number of debts is set at 10.
Accord Mortgages’ senior manager for proposition development Nicola Alvarez said that the change supported its “approach to common sense lending” and would allow them to help more borrowers.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
