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Accord Mortgages broadens acceptable income criteria

  • 31/08/2023
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Accord Mortgages broadens acceptable income criteria
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.”

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