Accord Mortgages will now give borrowers the option to take out a mortgage from its residential range with the help of an immediate family member.
The lender said that the addition to its standard residential mortgage purchase products was an “example of its commitment to common-sense lending” and acknowledged the “increasing challenges many people face in meeting affordability criteria in order to buy their own homes”.
The option will apply to standard residential mortgage products which includes new build and offset mortgages.
It is not available for the lenders Cascade Score, Boost LTI, Deposit Unlock or interest-only lending.
The joint borrower sole proprietor option will factor the income of an immediate family member to its affordability calculations related to the mortgage.
Only one applicant owns the property but both borrowers are responsible for ensuring mortgage payments are met.
The minimum income requirement for the property owner is £20,000 and there is a maximum of two applicants per mortgage.
Accord’s senior manager, mortgage distribution, Nicola Alvarez, said: “The reality is that affording a mortgage as a single person continues to be challenging.
“As a result, a growing number of potential borrowers need support from family members to be able to buy their own homes so we’re delighted to launch our first proposition of this kind, another common sense solution from Accord, further helping brokers enable their clients to bridge the affordability gap.”
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.
