The change is available immediately.
The lender launched the range in April last year to help brokers offer solutions to borrowers who may have been declined a mortgage as they didn’t meet the lender’s high loan to value (LTV) scorecard.
Brokers submit a decision in principle as normal and the mortgage sales and origination portal will confirm which product the client is eligible for. If a client does not meet the high LTV scorecard, then it is automatically cascaded to the Cascade Score product range.
The product is targeted at purchase and remortgage customers, who are new to the lender and the loan to value tiers start at 85 per cent.
All other standard 95 per cent LTV lending criteria and affordability applies, the maximum LTV in Northern Ireland is 90 per cent and Boost LTI applications are not eligible.
Nicola Alvarez, senior manager, new propositions, for Accord, said that the first iteration of Cascade Score has proved “incredibly popular” and had helped a lot of borrowers secure a mortgage who may not have been eligible for a higher loan to value (LTV) deal with the lender previously.
She added that there had also been “positive feedback” from brokers, leading to the extension of the maximum LTV.
She said: “I’m really pleased we’re able to make yet another enhancement to our popular Cascade Score range, by extending it to borrowers needing higher LTV loans, as the latest example of our ongoing commitment to common-sense lending.
“We continue to listen to feedback from brokers, to add more options for their underserved borrower clients, this time helping first-time buyers in particular get a footing on the housing ladder.”
