Agreement to consider debt consolidation up to 85% LTV
“We are committed to finding ways to help brokers support more clients, and increasing our maximum LTV for debt consolidation for borrowers who meet our higher credit rating will do just that. “
The lender increased the maximum LTV by 80% to give more choice to brokers whose clients meet its higher credit score requirements.
Brokers will automatically be notified if their client is eligible for the increased 85% LTV limit when submitting a principle decision. Those who don’t qualify for the upper limit, but still meet Accord’s standard credit score, will be able to borrow up to 80% of the LTV for debt consolidation.
Accord will still only allow a maximum of ten debts to be consolidated for both secured and unsecured debt, and a debt consolidation limit of £50,000 still applies for unsecured debt.
Nicola Alvarez, Head of New Propositions at Accord, said: “We are committed to finding ways to help brokers support more clients, and increasing our maximum LTV for debt consolidation for borrowers who meet our higher credit score will do just that.
“Brokers have been talking about this for some time, so hopefully it will be good news that we have listened and are responding to an identified need with increased choice in the market.”