Accord extends £5k deposit mortgage offering to flats

Accord’s £5k Deposit Mortgage will now be available to those purchasing a flat.

Accord is enhancing the eligibility criteria for the mortgage - which allows borrowers to buy a property worth up to £500,000 with a deposit of just £5,000 - in direct response to feedback from brokers.  

All of the product’s other terms and conditions remain the same. 

Accord launched its original £5k Deposit Mortgage last March, after its analysis showed that raising the typical 10% deposit on the average first-time buyer home worth £200,000 was the biggest blocker to homeownership.

In addition, five-year fixed rates on the range will now start from 5.69%, down from 5.74%.

Jeremy Duncombe, managing director of Accord Mortgages, said: “We’re absolutely delighted with the impact this product has had – with our valued broker partners sharing many stories of the difference it has made to their clients’ lives by making their homeownership aspirations achievable sooner.

“We’re delighted to be able to now extend its availability to people purchasing flats too, given our analysis since launch suggests this change will be particularly beneficial to people in city centre in areas like London, the South East and parts of Scotland, where property prices tend to be higher and flats are therefore a popular choice.”