Accord launches into 90% LTV lending

Accord Mortgages is launching into 90% LTV lending with a range of two and five-year fixed rate products.

Previously Accord lent up to a maximum LTV of 85%.

Its new range includes products for house purchase and remortgage, low fee options with fees from £495, and offset deals.

The lender is launching a two-year fix at 4.89% with a £995 fee, a two-year fix at 4.99% with a £995 fee and £600 cashback, as well as a five-year fix at 5.19% with a £995 fee.

Martin McIntosh, mortgage product manager at Accord, says: “Our range of 85% LTV deals has proved to be attractive to first-time buyers and feedback from brokers has shown an appetite for greater competition in the 90% LTV market. 

“Our move into this area represents a measured yet positive step, supporting the intermediary market as we embark on a new year of lending.”

Martyn Smith, head of mortgage products at Legal & General Network, says the move marks a very positive start to 2012.

He says: “Accord has been very competitive in the 85% LTV market and the new 90% LTV offering looks just as good with some eye-catching rates and a range of cashback and free valuation solutions. Mortgage intermediaries need more competition from lenders at 90% – and this gives them just that.”

The products have a minimum loan size of £75,000 and a maximum size of £500,000. They are not available for new build properties or flats.