Accord will no longer request personal bank statements or proof of deposit for the majority of buy-to-let mortgage applications, as part of efforts to improve the broker experience.
Landlords will not be required to submit the supporting documents unless they have a portfolio, are a landlord for the first-time or are employed by a family member. Proof of deposit is also not necessary, unless the deposit is coming from abroad.
The improvements are in response to feedback from brokers who commented on the time it takes to gather and upload supporting documents that aren’t always needed.
Accord Buy To Let commercial manager Chris Maggs says: “We know there are many steps and requirements in applications so we’ve made a number of improvements recently to remove some elements that we know can cause extra work for brokers.
“In the majority of cases we will now no longer request personal bank statements or proof of deposit which should speed up the application process, freeing up more time for the brokers to spend serving their customers.”
These changes come after Accord announced earlier this week it was removing the need for certified documentation to be provided as part of a mortgage application.