Accord Mortgages announces major move into Help to Buy market

Intermediary-only lender Accord has announced that it is moving into the new-build and Help to Buy market with a suite of dedicated mortgage products alongside the formation of a new specialist support team.

The company hopes that this move will forge Accord’s reputation as being “a new-build lender, not just a lender that does new-build,” says Accord Mortgages director Jeremy Duncombe.

The lender reports that brokers will be able to take advantage of special new-build helplines that will connect directly to new-build underwriters and business development advisers. Furthermore, it boasts that one day valuation instructions will come as standard across all of its new-build mortgages.

For houses, Accord is offering a 90 per cent LTV two-year fix at 2.29 per cent and a five-year fix at 2.54 per cent.

For borrowers wanting to move into a flat, the 90 per cent LTV two-year fix comes in at 2.59 per cent, and the five-year fix at 2.84 per cent.

All of these mortgages come with a £749 fee, free standard valuation, and cashback to the tune of £500.

Additionally, Accord has launched new HTB equity loan products, which include 60 per cent LTV and 75 per cent LTV two-year fixed rate mortgages with free standard valuation and £500 cashback.

The former product is set at 1.57 per cent and commands a £995 fee, whereas the latter is set at 1.80 per cent with a fee of £495.

Duncombe says: “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.”

London and Country Mortgages associate director of communications David Hollingworth adds: “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.

Of the new HTB products, Hollingworth says: “Given that HTB plays a key role in many buyers’ plans, it’s welcome news that Accord will be launching into the sector. The more lenders that are offering HTB, the better the range of product options for advisers and can only help enhance a competitive market.”

This move comes amid continuing uncertainty over the future of HTB, which many people are hoping will be cleared up during the Autumn Budget, confirmed yesterday as being set for Monday 29 October.

When asked about this future uncertainty, Duncombe says: “HTB needs to continue – it’s made such a difference, and the market isn’t ready to be weaned off it yet.

“It’s still a really important way for FTBs to get on the housing ladder and on the whole, it’s being used by the right people for the right houses in the right areas.

“We need a decision on what will happen with it now… 2021 isn’t far away. [But] we will work with the scheme in whichever way it looks.”

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