All products have a £495 completion fee, £750 cashback and a free standard valuation
Accord Mortgages has expanded its lending to include new-build houses up to 90 per cent loan to value (LTV).
This comes after Barratt Homes said the lack of high LTV products on the market was affecting delivery of new homes. Many products, including the 95 per cent LTV mortgage guarantee scheme, do not include new builds.
For borrowers requiring a maximum loan size of £500,000 for a new-build house, there is a two-year fix at 3.70 per cent and a five-year fix at 3.76 per cent.
If a loan of up to £600,000 is required, there is a two-year fix priced at 3.80 per cent and a five-year fix at 3.86 per cent.
All products have a £495 completion fee, £750 cashback and a free standard valuation.
The loan-to-income multiple is capped at 4.49.
The products are not available for new-build flats. In Northern Ireland, the 90 per cent LTV range will not be open to new-build properties.
Nicola Alvarez, corporate account manager at Accord Mortgages, said: We’re delighted to be expanding our new-build criteria to 90 per cent LTV as we continue to demonstrate our commitment to providing lending solutions to support brokers and their clients.
Being at the forefront of the market with this new range supports our position as a new build lender, not just a lender that does new build, she said.
Adrian MacDiarmid, head of mortgage lender relations at Barratt Homes, added: It is a vital part of a robust housing market that buyers, whether purchasing for the first time, or moving home with access to limited equity, can access homeownership with a reasonable deposit.
He said: With Help to Buy now restricted to first-time buyers and by regional price caps, Accord’s move to support 90 per cent lending on new-build houses is particularly welcome, and a testament to its continued support for the housing market generally.