"Reviewing how we manage our new build exposure limits complements our common-sense approach to lending"
Working with Sesame Bankhall Valuation Services (SBVS), the lender will now assess new build sites against a scorecard, which considers a number of builder and site characteristics to inform risk profiles for individual sites. As a result, exposure limits could be increased where developments score favourably, giving greater choice to brokers and their new build clients.
The tool will be reflected in Accord’s new build development checker on its website, which lets brokers check the lender’s exposure on a housing development before submitting an application.
The change applies to both residential and buy-to-let cases, after the lender introduced new build lending for landlord clients earlier this year as part of its move to a new Mortgage Sales and Originations (MSO) platform.
Nicola Alvarez, senior manager for propositions at Accord, said: “Reviewing how we manage our new build exposure limits complements our common-sense approach to lending, and in a thriving new build market in many cases means we’ll be able to support more borrowers purchasing homes in new developments.
“As a new build lender, not just a lender that does new build, this change only strengthens our new build proposition and the support we give to brokers and their clients.”
Simon Jackson, chief operational officer at SBVS, said: “SBVS are delighted to have developed the technology to support Accord with their New Build aspirations. We will continue to work innovatively with them to deliver great service for them and their customers.”
