Accord Mortgages has widened types of acceptable income it will accept to “help more underserved borrowers”, such as zero-hours contractors, limited company directors and people receiving certain benefits.
The lender will accept 100 per cent of limited company directors’ salary and share of profits as an alternative to directors’ salary and dividends if they have more than a 50 per cent stake in their company.
Accord Mortgages will permit 60 per cent of zero-hours contractor income for NHS bank nurses and locums, care home workers, supermarket employees, HGV drivers, retained/on-call firefighters, armed forces reservists and supply teachers.
The firm will also consider up to 100 per cent of annuities income.
Up to 60 per cent of personal independence payments, industrial injury disablement benefit, carers allowance, NI contributions-based employment support allowance and disability living allowance will be allowed if borrowers have a main income that exceeds the total of their benefits.
The changes apply to buy-to-let and residential mortgage applicants, where personal income is being factored in for top slicing purposes.
Accord: ‘Helping brokers help clients’
Nicola Alvarez, Accord Mortgages’ senior manager, new propositions, said: “We’ve listened to our brokers and researched the market to pinpoint some of the measures that can best help them to help their clients who have more complex incomes, while continuing to lend responsibly.
“This builds further on our commitment to common-sense lending, and we hope this latest list of changes provides some additional flexibility to assist more brokers to support people in achieving their homeownership aspirations.”
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.
