Yorkshire Building Society’s subsidiary, Accord Mortgages, has released a product range, Cascade Score, to help brokers provide solutions to borrowers who may have been declined a mortgage as they didn’t meet the lender’s high loan to value (LTV) scorecard.
The products are aimed at residential clients who are new to the lender and the offering is eligible for purchase only. It is for borrowers who need a 85 to 90 per cent LTV mortgage that isn’t new build.
It works when a broker submits a decision in principle and client doesn’t meet the criteria for Accord Mortgages’ higher LTV scorecard, then the mortgage sales and origination platform will ‘cascade’ the application and tell the broker whether a client is eligible for the alternative products.
The products will allow borrowers who may have previously been denied to access high LTV lending, if they meet its standard scorecard. The products are also subject to affordability and lending criteria being met.
Nicola Alvarez (pictured), senior manager for new propositions at Accord Mortgages, said: “Common-sense lending is something we pride ourselves on, and we’re always looking at ways to apply this to help more brokers and their clients.
“We know there are a number of potential borrowers who currently don’t meet our high LTV scorecard, but who may meet our standard scorecard, policy and affordability criteria. This change is for them, and I’m so pleased it means that we may be able to lend on cases we’ve previously not been able to.”
She added that brokers do not need to do anything different when submitting a decision in principle as the technology will “do the heavylifting” and automatically give clients “more opportunities to secure a place they can call home”.
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.
