Accord Mortgages will consider lending up to 85% loan-to-value (LTV) for debt consolidation from today (19 January).
The intermediary-only lender has increased the maximum LTV from 80% to give more choice to brokers whose clients meet its higher credit score requirements.
Brokers will be automatically told if their client is eligible for the increased limit of 85% LTV when submitting a decision in principle.
Those who do not qualify for the higher limit, but do still meet Accord’s standard credit score, will be able to borrow up to 80% LTV for debt consolidation.
Nicola Alvarez (pictured), senior manager for new propositions at Accord, said: “We’re committed to finding ways to help brokers support more clients, and increasing our maximum LTV for debt consolidation for borrowers that meet our higher credit score, will do just that.
“Brokers have been talking about this for some time, so we hope it will be welcome news that we’ve listened and are responding to an identified need with increased choice in the market.”
Accord will still only allow a maximum of ten debts to be consolidated for both secured and unsecured debts, and a £50,000 debt consolidation limit still applies for unsecured debt.
