Accord has increased its maximum loan amount by up to £1.6m and extended 95% lending to new-build properties, in its latest bid to help first- and next-time buyers achieve their homeownership goals.
The intermediary-only lender is significantly boosting the amount it will lend to people borrowing over 75% of their home’s value, to help particularly those purchasing in hotspots where house prices have risen beyond the reach of many.
Andrew Calder, strategic partnerships and propositions manager at Accord, said: “House prices rising by around a quarter over the past five years has made it harder and harder for people – and especially first-time buyers – to access the size of mortgage they need.
“Meanwhile, costs have gone up so significantly in some areas of the country, it’s hard for borrowers to secure the kind of mortgage they need. This means they either have to make up for this with a much bigger deposit than the norm, which can put many out of the race; or they face waiting years to realise their homeownership dreams while they save up more.
“At the same time, many buyers want to purchase new-build houses because of their energy efficiency and relatively low maintenance requirements. Therefore, as well as increasing our maximum loan sizes for new build and non-newbuild homes, we have lowered our minimum deposit requirements for new builds, to make this a possibility for more people.
“At Accord, we are always looking at opportunities to help remove blockers for borrowers, and help them achieve their homeownership goals.”
