MortgagesOct 18 2018

Accord drops bank statement requirement

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Accord drops bank statement requirement

Accord Buy To Let will no longer require brokers to submit personal bank statements or proof of deposit on most of its mortgage applications.

The intermediary-lender will not request a proof of deposit as part of the application unless the deposit comes from abroad.

Brokers will not be required to submit personal bank statements as supporting documents either, unless the client is a portfolio landlord, landlord for the first time or employed by a family member.

An Accord spokesman said the changes followed broker feedback commenting on the time taken to gather and upload supporting documents that are not always necessary.

Chris Maggs, commercial manager at Accord Buy To Let, said: "We know there are many steps and requirements in applications so we have made a number of improvements recently to remove some elements that we know can cause extra work for brokers.

"In the majority of cases we will now no longer request personal bank statements or proof of deposit which should speed up the application process, freeing up more time for the brokers to spend serving their customers."

Earlier this week, Accord Mortgages removed the requirement to certify certain documents from its application process.

The lender now accepts photocopies of required identification documents without an endorsement that it is a true copy of the original.

rachel.addison@ft.com