I was delighted to see that Accord Mortgages have entered the 95% mortgage arena, but fairly gobsmacked to find that the products don't form part of the Government’s Help to Buy scheme or require any family guarantee.
Accord Mortgages are part of Yorkshire Building Society and traditionally lend to applicants with an “excellent credit history.” As a result of their cautious lending, Accord boasts an excellent mortgage book, with few accounts in arrears. This has now enabled them to offer mortgages in what is considered the risky end of the market.
The Government effectively “underwrite” the loans on The Help to Buy Scheme, but Accord has decided to take on the risk themselves, without relying on Government support.
The rates are almost too good to be true! The 2 year fixed rates start at 4.69% with a £845 product fee and the 5 years start at 5.09%. There are other variations on the theme with £500 cash back and free valuations
Accord’s criteria and credit score requirements are strict, don’t even think about applying unless you have a stable residential history (consistently on electoral roll and have been at current address for some time), Consistent employment history and no adverse credit whatsoever!
I think it is right that criteria should be tight; a return to reckless high percentage lending is no help to anyone.
Anyway, well done Accord, let’s hope that where they lead, others will follow!
Recent posts
The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
Delayed Start Mortgage from Skipton
2 days ago
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
Gardening Tips for Beginners
7 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
The Family-Backed Mortgage from NatWest
10 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
The Impact of Klarna on Mortgage Applications
11 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
Buy to Let mortgages: what's happening?
16 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
25 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
25 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
More information
Trusted by
