Accord Mortgages has improved interest-only criteria which will widen choice for clients and shows its “common-sense approach to lending”.
The lender will now accept the sale of another UK property as new acceptable repayment strategy.
It will also permit the use of pension lump sum as a repayment strategy where the mortgage term ends after the applicant reaches the age of 55 and is eligible to receive their pension lump sum.
The company is upping loan to value (LTV) limits where the repayment strategy is the sale of the mortgaged property from 50 per cent LTV to 60 per cent LTV, while increasing the minimum equity requirement strategy has gone from £200,000 to £250,000.
The minimum equity requirement in London is £300,000.
Nicola Alvarez, senior manager for new propositions at Accord Mortgages, said: “We’re pleased to be expanding our interest-only options to provide greater flexibility for brokers and their clients.
“This is the latest example of how Accord is continually enhancing its criteria to support brokers in helping their clients to find solutions that meet their changing needs.”
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.
