Accord Mortgages has reintroduced 90% loan-to-value (LTV) products, effective from 9am on Wednesday 17 June, exclusively for first-time buyers.
The intermediary lender paused borrowing for those with a 10% deposit on Monday 8 June to manage service levels after application volumes saw Accord experience the two busiest days in its 17-year history.
To be eligible for the 90% LTV products, at least one applicant must be a first-time buyer; this is defined as having never owned a property or held a mortgage previously.
The products that will now be available to first-time buyers include a 5-year fixed rate at 2.99%, with a £495 product fee and free valuation, and a 5-year fixed rate at 3.09%, with no product fee and free valuation.
There are no changes to lending criteria or loan sizes.
Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “Our commitment to the housing market has not changed and our new range of products aims to help first-time buyers with smaller deposits, a group which has so far been offered limited choice.
“This will help the purchase market and keep chains moving, hence allowing subsequent buyers to keep moving on.
“We reluctantly took the decision to temporarily withdraw from this LTV tier just nine days ago and our underwriters have worked incredibly hard to get our service levels back to the Accord standard to which brokers have become accustomed to.
“It’s also testament to our [mortgage sales and originations (MSO)] platform, introduced in autumn last year, which has enabled us process applications as efficiently as possible.
“We hope by offering longer term fixed rate products borrowers are given confidence in managing their payments in a very uncertain market.
“We know the demand is there and we have streamlined our products to ensure we can support brokers and their clients on the purchase journey.”