Accord Mortgages has signed over 30 broker firms to the new build mortgage deal it launched in March this year.
The deal is designed as an exclusive product for intermediaries who specialise in arranging mortgages for people buying new homes, often working in conjunction with the builder.
The Yorkshire subsidiary says a number of the brokers signed up are sizeable firms and that its development team has already identified another tranche of potential candidates. It anticipates having 70 to 80 partners by the end of the year.
Linda Will, managing director at Accord, says: “It's early days yet in terms of business but feedback is good. In addition, we've been approached by a handful of brokers to develop some special arrangements for larger builders and negotiations are underway on those schemes.”
The lender adds that brokers in this sector need a fast offer to meet the 'exchange within 28 days' requirement that most builders impose, and a high lending/low-cost package to help buyers get the property of their choice.
To help brokers Accord provides a dedicated processing team with direct telephone access, pre-site valuations for large sites, offers within 10 working days, no final inspections when the property is completed and the ability to extend offers to 12 months without new references For the buyer the product offers free valuation up to £435, up to 4 x income for sub-75% LTV and up to 3.5 x income over 75% LTV, no deductions for other unsecured loans, no arrangement fee and no MIG.
John Stewart, director of Essex-based PMI Independent Advisers, says: “There is a demand for this type of product as many people dream of building their own homes. The problem is finding the land.”