ACCORD EXTENDS MAXIMUM MORTGAGE TERM TO 40 YEARS AND UPS AGE LIMIT
Accord Mortgages is now offering a maximum term of 40 years and extending the age limit for applicants to 80 years old.
The changes are in response to growing demand for mortgages which accommodate the evolving demands and demographics of homeowners and house buyers, the lender said.
Data from the Building Societies Association (BSA) showed 43 per cent of new mortgages were for terms over 25 years in the first half of 2017, and between 2015 and 2017, there was a 162 per cent increase in mortgages maturing between ages 79 and 84.
Nicola Alvarez, corporate account manager, proposition development at Accord Mortgages said: “The needs of borrowers are changing, and brokers have been asking for more options to help serve their clients.
“Longer terms can help improve affordability for first-time buyers to get the home they want and extending the maximum age takes into account increased life expectancy, people retiring later and parents and grandparents wanting to support the younger generation.”
“We want our offering to be as flexible as possible and provide a range of suitable products for brokers to consider with their clients based on their individual needs,” she added.
Faster resi applications
Earlier this week, the lender rolled its Mortgage Sales and Originations (MSO) platform out to all registered brokers, offering a 24 hour turnaround on residential applications.
Features of the platform include online decision in principle (DIP) certificates, uploading of documents at DIP stage, real-time case tracking and the ability to view and print offers.
Original source - Mortgage Solutions
YOU'RE REQUIRED: ALAN SUGAR URGES PUBLIC TO GET BACK TO WORK
Business tycoon Lord Alan Sugar today urged Brits to “put on a suit, put on a dress and get back to work” amid rising calls to kickstart the faltering economy. Speaking to LBC radio, Sugar ...
LOCAL LOCKDOWN GRANT SUPPORTS BUSINESSES FORCED TO CLOSE
New grants worth up to £1,500 will be available every three weeks to businesses required to close due to local lockdowns or targeted restrictions. The new grants come as the government ...
CITB TO REMOVE 5,000 SMALLER CONTRACTORS FROM LEVY SYSTEM
Around 5,000 smaller construction companies will not have to pay any levy to the CITB next year. The training body is raising its Small Business Levy Exemption threshold for employers with wage b ...
540 JOBS LOST AFTER NATIONWIDE ACCIDENT REPAIR SERVICES GOES INTO ADMINISTRATION
The repairer was sold to RunMyCar, keeping 80 sites open but resulting in the closure of 30 more. Nationwide Accident Repair Services has collapsed into administration, along with a number of its subs ...
VIRGIN ATLANTIC TO CUT ANOTHER 1,000 JOBS AFTER £1.2BN RESCUE DEAL
Virgin Atlantic is said to be preparing a further 1,000 job cuts, hours after securing approval for a £1.2bn rescue deal. The airline, founded by Sir Richard Branson in 1984, will announce the l ...
SELF EMPLOYED .. WHAT CAN I CLAIM AS EXPENSES?
If you're self-employed, you will have various running costs. Some of these expenses you can deduct on your tax return as allowable expenses. Allowable expenses do not include money taken from your bu ...