"Our valuation partners are re-commencing physical valuations this week in a controlled manner to reduce any potential risks."
Accord is also increasing its maximum property value from £1m to £2m.
From Friday, the lender is launching 11 new fixed-rate residential purchase products available at either 80% or 85% LTV.
Highlights include two-year fixed rates from 1.87% up to 80% LTV and 2.08% up to 85% LTV. Five-year fixed rates start from 2.00% at 80% LTV and 2.16% at 85% LTV. All products come with £500 cashback and free valuation.
For both residential purchase and remortgage, Accord will lend up to £1,500,000 at 75% LTV and up to £1,000,000 at 85% LTV.
The changes will be further supported by valuers returning to work in line with the latest government advice. All new applications will be subject to a physical valuation where possible, although to ensure the safety of all those concerned, appointments will be reduced and specific guidelines adhered to, which could impact timeframes.
The reinstatement of physical valuations also means that both residential and buy-to-let applications on flats and non-standard construction can now be accepted. New build lending is not included in these changes and is being considered separately.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “We have the desire and capacity to lend and our priority has always been to ensure we can offer the widest range of products with the highest level of service. Rather than reduce restrictions too early and leave applications in the pipeline, we are now in a strong position to accept cases at a higher LTV and property value. This provides increased choice to brokers and their as well as offering much-needed support to the market.
“Following the Prime Minister’s address on Sunday (10 May), our valuation partners are re-commencing physical valuations this week in a controlled manner to reduce any potential risks. We are working closely with them to process any new applications as well as review our current pipeline, which we acknowledge will take time. We will continue to monitor the situation and review our range, reintroducing products and criteria when it is prudent and feasible to do so.”
