Mortgages  

Accord launches into Help to Buy market

Accord launches into Help to Buy market

Accord Mortgages has launched into the Help to Buy market in a bid to establish itself as a specialist new-build lender.

The intermediary-only lender now offers Help to Buy equity loan mortgages at 75 per cent loan-to-value (LTV), with rates beginning at 1.8 per cent on a two-year fix.

Another two-year fixed rate mortgage at 60 per cent LTV is available at a rate of 1.57 per cent and both LTV categories are offered with free standard valuations and £500 cashback.

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Accord also rolled out its new-build offering to all brokers today (27 September), having previously piloted the scheme with a select group of partners.

The service includes a range of mortgages at up to 90 per cent LTV on houses and flats, and offers one day valuation instructions.

It is supported by a specialist new-build team and offers helplines connecting brokers with specialist new-build underwriters. 

Unlike the Help to Buy Isa the equity loan mortgages are only available to people buying newly built properties.

Jeremy Duncombe, director at Accord Mortgages, said Help to Buy went hand in hand with new-build initiatives because it was helping first-time buyers and those wishing to move up the ladder.

He said: "The government’s focus on building new homes has seen new developments being built across the country and we believe the options we have announced today complement the growth of the UK housing market."

Mr Duncombe said he would be calling on the government to extend the current deadline for its Help to Buy scheme past 2021. 

He said: "We are now a new-build lender, not just a lender that does new-build. That is why we have invested in the creation of new-build specific teams, alongside improved criteria, to provide an end-to-end, first-class service to brokers."

David Hollingworth, associate director of communications at London & Country Mortgages, said the new-build market came with specialist requirements.

He said: "Lenders that understand the needs of brokers and homeowners can really help target the necessary product specification, criteria and service levels. 

"Accord has shown a real desire to deliver that with specialist teams dedicated to the new-build market and in developing its criteria to better suit customers’ needs, for example being able to offer an extension on the original six month offer period." 

rachel.addison@ft.com