Accord Mortgages has lowered the minimum income requirement for those who want to borrow more than 4.49x their earnings.
The previous minimum income requirement was £60,000.
The minimum income change takes effect form today and applies to mortgages up to 90% loan to value (LTV) including new-build houses and flats.
The previous maximum LTV for new build and was previously 85%.
The changes allows borrowers with a household income of £50,000 to borrow up to 5x their income, with the exception of its Boost LTI product where the earning threshold its 5.5x loan to income (LTI) up to 90% LTV.
The lender is upping the maximum LTV for new build home purchases using its Boost LTI deal from 85% to 90% LTV.
Nicola Alvarez, senior manager, proposition development for Accord Mortgages, said: “This change – which is the latest example of Accord’s common-sense lending – will help brokers in their vital role to find solutions for even more clients, recognising the affordability challenges faced by so many, providing them with increased flexibility to achieve their borrowing goals in today’s challenging mortgage market.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
