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Accord improves new-build affordability; Skipton updates flat policy – round-up

  • 21/02/2024
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Accord improves new-build affordability; Skipton updates flat policy – round-up
Accord Mortgages has updated its affordability for borrowers buying an energy-efficient new-build home.

The lender, which made additional rate cuts in January, will now automatically apply an expenditure discount on assessments to reflect the lower utility bills typically associated with more efficient homes. 

This change is available on Accord Mortgages’ standard product range and its boost loan-to-income (LTI) range, which offers loans of up to five-and-a-half times a borrower’s income if they have household earnings of £60,000 or above. 

Andrew Calder, corporate account and propositions manager at Accord Mortgages, said: “As a new-build lender, not just a lender that does new build, we’re excited to announce these improvements to our affordability assessment, which will support brokers to help their clients into more energy-efficient homes. 

“Our latest common-sense solution is a purposeful change that will reward clients who are looking to purchase a new-build property and help them overcome the affordability challenges typical of the current environment and realise their homeownership aspirations.”

Adrian MacDiarmid, head of mortgage lender relations at Barratt Developments, added: “Accord’s decision to recognise the greater affordability that comes from the lower running costs of a new build home is very welcome. It not only helps support customers who want to make more energy-efficient choices, but also demonstrates the importance of cross-industry collaboration to address the country’s housing shortage.”


Skipton BS amends flat policy 

Skipton Building Society has changed its lending criteria for flats. 

The mutual has reduced the minimum value allowed for non-standard flats from £150,000 to £100,000 for properties outside of Greater London. The minimum value for flats in Greater London remains unchanged at £300,000. 

Jonathan Evans, senior national account lead at Skipton Building Society, said: “In response to evolving market conditions and our commitment to broadening access to homeownership, we have updated our policy on flats to include lending to more properties at lower market values.

“This adjustment reflects our dedication to serving a wide range of customers and communities.” 

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