Accord Mortgages has entered into the new build market with Help to Buy mortgages at 60% and 75% loan-to-value.
The lender has also launched a range of mortgages up to 90% LTV on houses and flats, increased speed to offer and completion and has introduced new build helplines to enable brokers to speak directly to specialist new build underwriters and business development advisors
Jeremy Duncombe, director of Accord Mortgages, said: “We’re really pleased to be able to roll out our new build proposition across the intermediary market.
“We understand that the new build market is different, has a number of different challenges and that it requires a dedicated service for brokers.
“We’re committed to meeting these requirements and to look for ways to add value. This might be by providing early certainty on whether we’ll lend on a particular development, or ensuring day one instruction of valuations.
“We are now a new build lender, not just a lender that does new build. That’s why we’ve invested in the creation of new build specific teams, alongside improved criteria, to provide an end-to-end, first-class service to brokers.”
Accord’s Help to Buy rates start at 1.80% for borrowers with a 25% deposit looking to fix for two years, which comes with a free standard valuation, £500 cashback and £495 fee.
For those with a larger deposit, there is a market-leading 2-year fixed rate mortgage at 1.57% up to 60% LTV. This mortgage has a £995 fee but the benefit of a free standard valuation and £500 cashback.
Accord previously piloted its new build proposition with key lending partners and has used feedback to shape its new offering.
David Hollingworth, director of communications at London & Country Mortgages, said: “The new build market has some pretty specialist requirements in order to deliver the right package for advisers and their customers.
“Lenders that understand the needs of brokers and homeowners can really help target the necessary product specification, criteria and service levels.
“Accord has shown a real desire to deliver that with specialist teams dedicated to the new build market and in developing its criteria to better suit customers’ needs, for example being able to offer an extension on the original six month offer period.”