Mortgages  

Accord loosens affordability criteria

Accord loosens affordability criteria

Accord has changed its affordability criteria to help increase the chances of mortgage approvals for brokers and their clients.

Yorkshire Building Society Group’s intermediary-only lender has adjusted its household expenditure estimates after “careful consideration” and a more pragmatic view of borrower spending.

Managing director Charles Canning said: “We’ve taken on board broker feedback and made adjustments to our affordability criteria which will now enable us to help a broader range of customers to buy a home, and offer some borrowers a larger loan size.

Article continues after advert

“We believe that it is important to take a common sense approach to lending and we will continue to thoroughly assess each application, because it’s not in anyone’s interest for a borrower to be approved for a mortgage that they are unable to repay.”

He added that the changes will make it easier for brokers to position a case and increase the chances of an application being accepted.

Nicci Pegg, broker at Prolific Mortgage Finance, said: “Accord now provides a more viable option to clients. Its strong affordability assessment and competitive pricing make it a worthy contender among many other key lenders.”

peter.walker@ft.com