Accord Mortgages has launched a new residential product range that offers up to 5.5 times loan-to-income (LTI) for clients with a household income of £70,000 or more.
The new Boost LTI range – which will support brokers with clients who need a small stretch to their income multiples – is available for loan-to-values (LTVs) up to 90% (85% for new build), for both purchase and remortgage.
The intermediary-only lender’s standard lending policy and affordability criteria must also be met.
Nicola Alvarez (pictured), senior manager for new propositions at Accord, said: “Building on our commitment to common-sense lending, we’re really pleased to be adding Boost LTI to our product range to support brokers to help more clients.
“We’ve designed this range to help many borrowers – including first-time buyers, those looking to take their next step, remortgages and those purchasing new-build properties. Ultimately, we’re giving brokers additional choice for those clients that need a little more flex.
“Those previously limited by LTI or requiring a higher loan amount may benefit from this launch, and we’re sure it’s wide appeal, thanks to the combination of higher LTVs and lower minimum incomes, will be welcomed.”
Accord said brokers won’t have to do anything differently as part of the application process.
Alvarez added: “We always try to make it as easy and simple as possible to do business with us, and this is no different – brokers will complete applications as normal and technology will automatically work out whether the customer needs, and is eligible for, the Boost LTI range.”
