Accord has boosted its borrowing options to support more people who have settled in the UK.
The intermediary-only lender has increased its maximum loan-to-value (LTV) for joint applications, where one applicant doesn’t have Indefinite Leave to Remain (ILR) in the UK, from 75% to 95% LTV.
This is in line with the maximum LTV available to other UK nationals or those who hold ILR for purchase and remortgage, and is designed to help a broader range of applicants.
The new criteria applies to joint applications where one applicant is a UK national or has ILR status and the other does not, allowing them to borrow up to 95%.
For single and joint applications where neither applicant is a British national or has ILR, the LTV limit of 75% will remain.
Andrew Calder, Accord’s corporate account and propositions manager, said: “We’ve seen increased demand from brokers for solutions to help their clients from other countries who are living and working in the UK obtain mortgages.
“That’s why we’re delighted to be able to make this latest change, to help borrowers in this particular underserved segment of the market secure the mortgage they need.”
