Accord has paused lending on 90 per cent LTV products for first-time buyers.
It relaunched its suite of high-LTV products for borrowers looking to buy their first house in mid-June this year after originally withdrawing from this market on 8 June, citing the highest demand seen in its 17-year history.
The lender points to the same reasons again for its latest move. “When we re-entered with products exclusively for FTBs we knew demand would be high and we prepared accordingly, but with the absence of so many lenders at this LTV tier, there is only so much business that our team can support whilst still maintaining a high level of service,” says Accord director of intermediary distribution Jeremy Duncombe.
He continues: “We’ve been very clear and proactive with our messages around capacity challenges, and had expected more competitors to join us in this space. Our appetite to lending and our commitment to supporting the market, especially FTBs, has not changed.
“We know brokers have a huge challenge with the lack of high-LTV lending available at the moment and once we have restored service levels we aim to be back in this market as soon as possible.”
The products will be removed from service at 8pm tonight.
