Accord Mortgages has removed its minimum income requirement for first-time buyers to access mortgages up to 5.5 times their income, provided they meet all other lending and affordability criteria.
The change applies across the intermediary-only lender’s product range, excluding the £5k deposit mortgage.
For joint applications, at least one applicant must be a first-time buyer, have a maximum loan-to-value (LTV) of 95%, available for new-build properties, including flats and includes products in the Boost LTI range.
In addition, applicants must meet all other lending and affordability criteria to qualify, applies to new applications only and is not applicable to the £5k deposit mortgage.
Accord has also simplified the qualifying criteria for its joint borrower, sole proprietor (JBSP) offering and will now be available up to 95% LTV.
The limit which meant only 25% of the mortgage term could run into the assisting family member’s retirement, has also been removed.
Accord Mortgages managing director Jeremy Duncombe says: “These changes mark our latest moves to support more borrowers in achieving their home-ownership goals.”
“We were among the first lenders to respond to the greater flexibility the regulator gave us to set our own higher- loan-to-income lending limits, a change we had long called for.”
Duncombe adds: “These two changes to our criteria, which offer different ways for borrowers to expand their borrowing potential, show how we’re building on every opportunity to make it possible for more people to access the size of mortgage they need.”
