Accord enhances affordability for energy-efficient new builds

Accord Mortgages is improving affordability for those looking to buy a more energy-efficient new build home.

The intermediary-only lender has updated its affordability model for those purchasing a residential new build home. It will now automatically apply an expenditure discount to recognise that these types of properties typically have lower utility bills compared to older alternatives.

Available on Accord’s standard product range, as well as Boost LTI (which offers up to 5.5 times loan-to-income for clients with household earnings of £60,000 or above), the change will allow them to borrow more - subject to LTI limits – potentially increasing the mortgage amount they could access by up to £13,000.

Andrew Calder, corporate account and propositions manager, said: “As a new build lender, not just a lender that does new build, we’re excited to announce these improvements to our affordability assessment, which will support brokers to help their clients into more energy-efficient homes.

“Our latest common-sense solution is a purposeful change which will reward clients who are looking to purchase a new build property and help them overcome the affordability challenges typical of the current environment and realise their home ownership aspirations.”