From today Accord will offer brokers an exclusive range of mortgages through the insurance-backed scheme, which has been developed by the Home Builders Federation (HBF), lenders and builders and is being managed by reinsurance broker Gallagher Re.
Accord’s Deposit Unlock product range is available to borrowers purchasing a new build house through the scheme – not just first-time buyers – with a maximum borrowing limit of £600,000. The lender’s standard lending policy and affordability criteria must also be met, and loan-to-income is capped at 4.49.
Fixed rates in the range start from 3.99% for two-years, which comes with a £495 fee. The lender is also offering a two-year discounted standard variable rate mortgage at 3.10% with the same fee. All products in Accord’s Deposit Unlock range come with £250 cashback and free standard valuation.
Nicola Alvarez, senior manager for new propositions at Accord Mortgages, said, “We’re always looking for ways we can support brokers to help more people on to and up the property ladder, and being part of the Deposit Unlock scheme only complements our offering as a new build lender.
“We’re really looking forward to helping borrowers with some of the smallest deposits purchase a new build house, who up until now we’ve only been able to support through Help to Buy.
“With this scheme coming to a close, and limited choice for brokers and their clients currently in this market, we’re really pleased being part of the scheme will provide more options.
“Brokers do not need to do anything different; we’ve designed the application process to be as easy and simple as possible, which when combined with our common-sense approach to lending, underlines our ongoing support and commitment to the new build market.”
Stewart Baseley, executive chairman of HBF added, “The addition of Accord to the Deposit Unlock stable is another major step forward for the scheme that will open it up to even more potential customers.
“Deposit Unlock provides a real option for buyers, many of who would otherwise struggle to save the deposit required to secure a new home. In turn, the certainty of demand the scheme will provide allows builders to invest confidently in new sites, deliver the homes the country needs and create jobs and investment in economies across the country.
“With the Help to Buy scheme about to close, we developed Deposit Unlock to provide an alternative option for buyers. Accord’s entry will help the scheme grow and help more buyers realise their ambition of purchasing a new build home.”