Related topic: Criteria

Improvements to affordability assessments across the industry mean up to 65% more homes are within reach.

The Bank has announced a series of enhancements to its mortgage policies.

The lender is also updating its affordability assessments, enabling some clients to borrow more.

Brokers can benefit from the Academy’s training and resources alongside the real-time support of Knowledge Bank’s sourcing platform.

Accord will now accept Universal Credit as a source of income when assessing affordability.

The lender has also reduced the minimum income requirement to £40,000 for customers seeking to borrow at 4.5x LTI and above.

Bola Anike, mortgage and insurance broker at Elmgrove Financial Services, says lenders' strict criteria are locking first-time buyers out of the housing market.

By typing in their case query, brokers receive instant suggestions on criteria areas to explore.

Over 6x income is now available on selected products.

Residential and buy-to-let rates have reduced by up to 0.54%, alongside improved affordability.