Accord Mortgages has modified its criteria so it will consider lending up to 85 per cent loan to value (LTV) for debt consolidation.
The change comes into effect from today, and the upping of the maximum LTV from 80 per cent aims to give brokers more choice for clients that meet higher credit score requirements.
The lender said that brokers will be automatically told if their client is eligible for the increased limit when submitting a decision in principle.
Borrowers who do not qualify for the higher limit, but meet Accord’s standard credit score, will be able to access up to 80 per cent LTV for debt consolidation.
The lender will permit a maximum of 10 debts to be consolidated for both secured and unsecured debts, with a £50,000 debt consolidation limit in place for unsecured debt.
Nicola Alvarez (pictured), senior manager for new propositions at Accord, said: “We’re committed to finding ways to help brokers support more clients, and increasing our maximum LTV for debt consolidation for borrowers that meet our higher credit score, will do just that.
“Brokers have been talking about this for some time, so we hope it will be welcome news that we’ve listened and are responding to an identified need with increased choice in the market.”
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.