Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Accord Mortgages has introduced a dedicated larger loans service aimed at simplifying and tailoring the application process for brokers managing residential cases valued at £1 million or more.
The new service follows a small-scale pilot and is designed to provide brokers with automatic allocation of a specialist underwriter at the decision-in-principle (DIP) stage, who will remain involved through to loan completion. This approach is intended to support a range of borrowing scenarios, including loans up to £5 million at 75% loan-to-value (LTV), up to £2.6 million at 85% LTV, and up to £1 million at 90% LTV.
The service is available for both home purchases and remortgages, and includes new-build cases as well as Accord’s boost LTI and joint borrower sole proprietor (JBSP) options. According to Mortgage Strategy, Accord Mortgages has been respected in the larger loans market and this new service aims to enhance the broker experience by offering a more bespoke and consistent underwriting process.
For UK letting agents and inventory clerks, the launch of this service may be relevant for clients involved in high-value property transactions, particularly where complex financial profiles or new-build properties are concerned.
Source: Mortgage Strategy