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Accord Mortgages to allow 85 per cent LTV for debt consolidation

  • 19/01/2022
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Accord Mortgages to allow 85 per cent LTV for debt consolidation
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.”

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