Accord increases LTV for borrowers from outside UK

Accord has made changes to its mortgage options for borrowers from outside of the UK.

The intermediary arm of Yorkshire Building Society has increased its maximum loan-to-value (LTV) for joint applications, where one applicant doesn’t have Indefinite Leave to Remain (ILR) in the UK, from 75% to 95% LTV.

The lender says the change is designed to help a broader range of applicants and brings the offering in line with the maximum LTV available to other UK nationals or those who hold ILR for purchase and remortgage.

For single and joint applications where neither applicant is a British national or has ILR, the LTV limit of 75% will remain.

Applicants must meet all of the Accord’s other standard affordability criteria, general policy rules, and scorecard requirements.

Accord corporate account and propositions manager Andrew Calder says: “We’ve seen increased demand from brokers for solutions to help their clients from other countries who are living and working in the UK obtain mortgages.

“That’s why we’re delighted to be able to make this latest change, to help borrowers in this particular underserved segment of the market secure the mortgage they need.”

The post Accord increases LTV for borrowers from outside UK appeared first on Mortgage Strategy.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by www.mycardopinions.com
Publisher: www.mortgagestrategy.co.uk

Your email address will not be published. Required fields are marked*

Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.