Loan limits criteria
Lending criteria
Loan limits
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Min/max loan term
- The maximum loan term is 40 years
- The minimum loan term is 5 years
- The percentage of the mortgage term occurring after age 70 must be less than 25% of the overall mortgage term.
This applies to new business and remortgaging
For product transfers, first check the term remaining on the mortgage. Make sure it qualifies for the products available and the terms allowed on those products.
Loan size and LTV limits for new business
The following loan limits are for new business, excluding new build, which have their own limits.
| Property type | Min/max loan size* | Max LTV |
|---|---|---|
| House/flat | £30k - £5m | 75% |
| House/flat | £50k - £2m | 85% |
| House/flat | £50k - £750k | 90% |
| House/flat (excl. Northern Ireland) | £50k - £600k | 95% |
| 5K Deposit Mortgage** House (excl. Northern Ireland) | £95k - £495k | 99% |
*Some products also have a minimum loan requirement, please check this before applying.
**5K Deposit Mortgages (up to 99% LTV):
- First time buyers only (one customer must be a FTB and neither can have any background properties)
- Capital and interest only
- Advised only
- Maximum age of oldest applicant 70 at end of term
- Minimum purchase price £100K
- Maximum purchase price £500K
- Not eligible for Joint borrower sole proprietor (JBSP), Cascade score or Boost LTI
Loan size and LTV limits for new builds
New build properties are subject to the following maximum loan and LTV limits:
| Property type | Loan size* | Max LTV |
|---|---|---|
| House/flat | Up to £5m | 75% |
| House/flat | Up to £1m | 85% |
| House/flat | Up to £750k | 90% |
| Deposit unlock** House (excl. Northern Ireland) | Up to £600k | 95% |
*Some products also have a minimum loan requirement, please check this before applying.
*Deposit unlock, exclusive to new build:
- Available to first time buyers and home movers in England, Wales and Scotland
- 5% deposit must come from the clients own funds
- Our standard lending and affordability criteria applies
- Deposit unlocked letter required
Loan size and LTV limits for remortgaging
| Property type | Min/max loan size | Max LTV |
|---|---|---|
| House/flat | £30k - £5m | 75% |
| House/flat | £50k - £2m | 85% |
| House/flat | £50k - £750k | 90% |
| House/Flat (excl. Northern Ireland) | £50k - £600k | 95% |
Remortgages for debt consolidation have the following additional limits:
- 85% LTV for customers able to meet our higher credit score requirement (maximum consolidation of £50,000 unsecured debt or 10 debts)
- 80% LTV for customers who meet our standard credit score requirement (maximum consolidation of £50,000 unsecured debt or 10 debts)
Where the applicant chooses to add the product fee to the mortgage at completion, we will not include this in the LTV calculation.
Please note the debt consolidation restriction does not apply to staircasing/paying off HTB or shared equity.
Loan size and LTV limits for additional lending (existing customers only)
Loan to value
The maximum permitted LTV following additional lending is 85% and is based on total loan amount (existing borrowing + additional lending).
Please note: where the total loan amount exceeds £1 million, the maximum LTV is 75%.
Loan size
The maximum loan size including the original debt is £2 million.
Loan size and LTV limits for portability
The overall amount of the mortgage (existing balance and top-up) must be more than the minimum loan amount for the top-up product.
If you choose a product with incentives then the amount of the top-up must be £50,000 or more. If the amount of the top-up element is less than £50,000 you'll have to choose either a product with no incentives or one of our portability only top-up products.
Early repayment charges (ERC) and refunds
Any ERCs must be paid by the customer and these will be refunded if the customer returns to Accord within 6 months of the date of redemption.
Where a mortgage has more than one part, each individual part is subject to its own ERC. Where a product has expired between redemption and completion of the new loan, the customer must choose a product from the current range and the ERC will still be refunded (subject to completion being within 6 months of the original redemption).
If your client is looking to borrow less than their current balance, we’ll charge ERCs on the amount they don’t port to the new mortgage.
LTI and income multiples
The table below details the maximum applicable income multiples available for different transactions. Please note in order to obtain an accurate affordability figure it is important to complete the affordability calculator accurately.
| Transaction Type | Income below £75,000 (joint or sole basis) | Income above £75,000 (joint or sole basis) |
|---|---|---|
| Standard Purchase and Remortgage up to 90% LTV | 4.49x | 5.0x |
| Standard Purchase and Remortgage up to 95% LTV | 4.49x | 4.49x |
| New Build Purchase up to 90% | 4.49x | 5.0x |
| New Build Purchase above 90% (Deposit Unlock) | 4.49x | 4.49x |
| Standard Purchase over 95% LTV (The 5K Deposit Mortgage) | 4.49x | 4.49x |
Please note: cases that utilise the cascade score product range will be capped at 5.0x LTI maximum. Those that require a LTI ratio of over 5.0x will require a boost LTI product.
Loan and LTV limits for foreign nationals
EU citizens
Applicants from member countries can be accepted within normal lending criteria.
Member countries are: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
European Economic Area
Applicants from countries, which are members of the European Economic Area, can also be accepted within normal lending criteria.
These include: Iceland, Liechtenstein, Norway and Switzerland.
Indefinite leave to remain
Evidence of indefinite leave is required for over 75% LTV lending. This should be evidenced either by a stamp in the applicant's passport, or by a letter from the Home Office.
Settled/pre-settled status
Evidence of Settled/pre-settled status is required. The share code, which is provided as part of the EU Settlement Scheme, should be provided.
Joint applications where one applicant has indefinite leave to remain
Where at least one applicant on a joint application has indefinite leave to remain or is a British citizen then we can now offer up to 95% LTV lending subject to standard product and eligibility criteria.
For joint borrower sole proprietor lending, both applicants must have indefinite leave to remain.
No settled/pre-settled status or indefinite leave to remain not granted
This is acceptable at a maximum LTV of 75%.
All applicants must have evidence that they can currently reside in the UK e.g. immigration documentation or passport stamp.
Please choose from the following options
So we can direct you to the right part of our website, please select from the login options below:
NEW BUSINESS - ACCORD MSO
To create an illustration, submit a DIP, upload documents or to track an application for new customers:
ONLINE PRODUCT TRANSFERS
Switch existing Accord clients to a new deal - create an illustration, then apply and accept a product transfer online: