Accord adds 90% LTV products for transferring customers

Jessica Bird

June 24, 2020

Jeremy Duncombe Accord first-time buyers

Accord Mortgages has introduced four new porting options at 85% and 90% loan-to-value (LTV), as well as enhancing its portability procuration fee, and improving its residential portability process.

Accord previously paid a procuration fee of 0.3% on the top-up balance of a residential portability case, but will now base this on the full balance of a portability case, including the top-up and the original ported balance.

Porting customers have access to products within the core range as long as they meet the minimum loan requirements, in addition to the new 85% and 90% LTV products.

At 85% LTV, Accord has introduced a 2-year fixed rate at 2.00% or an offset version at 2.30%.

At 90% LTV there is a 2-year fixed rate at 2.99% or an offset version at 3.29%.

All products are fee-free and have a minimum loan size of £3,000.

Where transferring was previously paper-based, the lender has introduced an online editable PDF form.

In addition, digital signatures are temporarily being accepted.

Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “We know brokers work hard to deliver the best service for their client, whether that be a new application, product transfer or porting a mortgage.

“With this in mind, we have revised our fees and responded to broker feedback with improvements to the application process.

“This is just another enhancement to our offering and we hope the higher LTV porting products provide further support to brokers.

“As part of this latest update, we’ve also launched an additional 5-year fixed rate purchase product at 90% LTV for first-time buyers with a maximum loan size of £600,000.”

This latter product is a 5-year fixed rate at 3.14% at 90% LTV, with a fee of £495 and free valuation, with a maximum loan size of £600,000 for first-time buyers only.

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