Accord Mortgages is extending its Cascade Score lending solution to borrowers with the lowest deposit.
From today, house purchasers and remortgagers putting down just 5% will be able to benefit from this range, which allows the lender to consider applications it might have previously declined, subject to borrowers meeting its standard affordability and lending criteria.
The intermediary lender introduced its Cascade Score range in April 2022 to offer options to brokers whose clients don’t meet its higher loan-to-value (LTV) scorecard requirements but do meet its standard scorecard.
Accord extended the offering to remortgagers as well as purchasers last autumn. However, the Cascade Score range is not available for new build properties.
Brokers don’t need to do anything differently when submitting their decision in principle, applications are automatically cascaded to offer them an alternative product range for consideration where eligible.
Nicola Alvarez (pictured), senior manager of new propositions at Accord, explained that the first iteration of Cascade Score has proved incredibly popular, helping many more borrowers to secure a mortgage who would not previously have been eligible for a higher 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 to get a footing on the housing ladder.”
