Accord and Virgin resume residential lending up to 90% LTV

Rozi Jones
20th May 2020
Virgin Money
"We’ve been working hard behind the scenes to return to as much of our pre-lockdown criteria as we can."

Following the re-commencement of physical valuations, Accord Mortgages and Virgin money have resumed residential lending up to 90% LTV.

From today, Accord will accept residential house purchase and remortgage applications up to 90% LTV, new build purchases up to a maximum of 85% LTV, and Help to Buy applications up to 75% LTV.

Accord is also relaunching 18 new products to support the new lending.

90% LTV products include two-year fixed rates from 2.32% and five-year fixes from 2.43%, both with £500 cashback and free valuation.

New Help to Buy products include a two-year fixed rate at 1.93% up to 60% LTV with a £495 fee, £500 cashback and free valuation, as well as a five-year fix at 1.99% up to 75% LTV with a £995 fee, £750 cashback and free valuation.

Virgin Money has announced that its lending brands, including Clydesdale Bank, are launching a wider range of products supported with a mix of physical and non-physical valuations from next week.

Residential mortgages up to 90% LTV and buy-to-let mortgages up to 80% LTV will be available and temporary limits on loan sizes and property values will be withdrawn, meaning there will be a return to previous maximum loan sizes. Both Virgin Money and Clydesdale Bank will also be able to help with large loans, shared ownership, professional and new build cases.

Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “Hot on the heels of last week’s announcement where we improved our criteria and introduced physical valuations, we’ve been working hard behind the scenes to return to as much of our pre-lockdown criteria as we can. This means a welcome return to 90% LTV for purchase and remortgage from today.

“We’re especially pleased to also be able to start lending up to 85% on new build and offer Help to Buy products to support those who are keen to get on the housing ladder. We know the market is keen to get back to some sort of normal as fast as possible and these are all positive steps. In these uncertain times, brokers need to have a competitive range of options to offer borrowers. There has never been a better time for advisers to demonstrate the value of good advice and offer reassurance. These changes, and our common sense underwriting approach, allow brokers to do just that.”

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