Accord Mortgages is set to increase its maximum loan-to-value (LTVs) for both new-build and existing flats.
From 12 January borrowers will be able to buy or remortgage new-build flats up to 90% LTV (was 85%), and up to 95% LTV for non-new build flats (was 90%).
The intermediary-only lender has launched a number of products to support the improved criteria, with highlights at 90% LTV for new-build flats including 2-year fixed rate mortgage at 2.85% and 5-year fixed rate mortgage at 3.11%.
Both mortgages come with a £495 fee, £250 cashback and free standard valuation.
Accord has also reduced selected rates across its other LTV ranges, by up to 0.30% at 95% LTV, up to 0.17% at 85% LTV, and up to 0.05% at 80% LTV.
Nicola Alvarez, senior manager for new propositions at Accord Mortgages, said: “We’re committed to helping brokers support their clients with options suited to a range of needs, and increasing our maximum LTV for flats will give more competitive choice in the market.
“Remortgagers wanting a higher LTV or first-time buyers and those restarting on the property ladder who may have been squeezed out of the house purchase market as a result of excessive house price inflation recently, could benefit.
“The change will help these borrowers and more find a suitable alternative – it’s all part of our common-sense approach to lending.”