fbpx

Accord Mortgages sees new build and HTB growth

Michael Lloyd

September 30, 2019

Accord Mortgages has seen huge levels of new build and Help to Buy business since launching this proposition in September last year.

In the first 12 months, the new propositions have helped nearly 10,000 people move into their own homes with these product transactions accounting for nearly 10% of overall lending.

Nicola Alvarez, corporate account manager proposition development at Accord Mortgages, said: “It’s been an incredible year and we’re really proud of the reputation we’ve established in such a short time frame.

“We knew these were two complex propositions and so we worked hard to get insight from brokers and industry leaders to put the right processes in place to deliver the best possible service.

“Our ‘new build help desk’ enables brokers to speak with our experts for pre-application and policy queries as well as a dedicated team of New Build underwriters who ensure the case is dealt with promptly.

“For Help to Buy, we’re delighted we’ve been able to support more people into their own home and have worked hard to offer guidance to brokers when navigating this application process.

“Our ongoing relationship with Homes England means we are working alongside them on developing the scheme and ensuring the 2021 transition is as smooth as possible.”

For new build, the range includes mortgages up to 90% loan-to-value (LTV) for houses and flats and day one valuation instructions as standard. For Help to Buy, products are available at both 60% LTV and 75% LTV.

The majority of new build sales are purchased on a freehold basis (80%) with houses four times more popular than flats (79% compared to 21%).

The best performing regions for new build purchases have consistently included the South East and North West, with Yorkshire/Humberside, Scotland and the South West all making an appearance into the top three in the last 12 months.

The average property value is £324,959 and average loan amount £230,380.

For Help to Buy, houses make up 76% of the purchases with the majority freehold (76%).


Sign up to our daily email