Accord Mortgages is extending its Cascade Score lending solution to borrowers purchasing a new build property up to 90% LTV.
From today, house purchasers putting down as little as a 10% deposit on a new build home will be able to benefit from the range, which allows Accord to consider applications it might have previously declined, subject to borrowers meeting its standard affordability and lending criteria.
The lender introduced its Cascade Score range in April 2022 as a way of offering additional options to brokers whose clients don’t meet its higher LTV scorecard requirements, but do meet its standard scorecard.
Brokers don’t need to do anything differently when applying for a decision in principle as applications are automatically ‘cascaded’ to offer their clients an alternative product range for consideration where suitable.
Andrew Calder, corporate account and propositions manager for Accord, said: “Our Cascade Score range has proved incredibly popular, helping many more borrowers with a smaller deposit to secure a mortgage who would not previously have been eligible, and has received very positive feedback from brokers.
“The move to extend it to new-build homes has been driven by broker feedback, and enhances our range even further, particularly when combined with our enhanced affordability offering for new build homes.
“As a new build lender, not just a lender that does new build, this is the latest example of our ongoing commitment to common sense lending, supporting borrowers who wish to purchase a new-build property and benefit from the enhanced energy efficiency they offer.
“This move also allows us to widen the net to help as many brokers and their clients as possible to achieve their homeownership dreams."
