Accord Mortgages will return to first-time buyer 90% loan-to-value (LTV) lending for two days only next week.
Between 9am on 7 September and 8pm on 8 September, Accord will offer two house purchase mortgages to first-time buyers only, via brokers.
The first is a 5-year fixed rate at 3.59% at 90% LTV with £495 product fee and free valuation. Available for loans up to £500,000.
The second is a 5-year fixed rate at 3.69% at 90% LTV with £495 product fee and free valuation. Available for loans between £500,001 and £600,000.
Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “We are keen to support the market and we understand the difficulties lack of supply at 90% LTV is causing for both brokers and their clients, with first-time buyers particularly affected.
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“However, with recent lender announcements and a lack of supply in the wider market for 90% LTV products, we fully expect extremely high levels of interest in these products.
“We’re therefore limiting applications to a two-day window to enable us to deliver the high level of service brokers expect from Accord.
“We know that brokers appreciate clarity, honesty and certainty, particularly in these uncertain times and we believe they’ll appreciate the need for lenders to put in place innovative solutions to deliver on demand in this market.
“By communicating our decision today (Friday), it gives brokers as much notice as possible to talk to clients ahead of Monday’s launch.
“The volume of applications across all LTV tiers in recent weeks has meant we have increased capacity in our underwriting teams, with colleagues working incredibly hard to manage service levels and enable us to relaunch mortgages at 90% LTV.
“In order to provide the best possible service, and to allow us to return to 90% lending as quickly as possible again in the future, we’d ask brokers to work closely with us by using the portal in our MSO system for case updates, checking our website for up-to-date service positions before contacting us, and spending an extra few minutes checking and packaging cases before submitting.”
By Jessica Bird
Source: Mortgage Introducer