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.
“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.”