Accord Mortgages has removed the minimum income requirement for first-time buyers to get mortgages of up to 5.5 times their income, provided they meet all other lending and affordability criteria.
The change applies to the intermediate-only lender’s product range, with the exception of the £5,000 deposit mortgage.
For joint applications, at least one applicant must be a starter, have a maximum loan-to-value (LTV) of 95%, be available for new-build homes, including apartments and include products from the Boost LTI range.
In addition, applicants must meet all other credit and affordability criteria to qualify. This only applies to new applications and does not apply to the £5,000 deposit mortgage.
Accord has also simplified the qualification criteria for its joint borrower, sole proprietorship (JBSP) offering and will now be available up to a 95% LTV.
The limit, which meant that only 25% of the term of the mortgage could lead to the retirement of the cooperating family member, has also been removed.
Accord Mortgages managing director Jeremy Duncombe said: “These changes mark our latest steps to support more borrowers to achieve their home ownership goals.”
“We were among the first lenders to respond to the greater flexibility the regulator gave us to set our own higher credit limits, a change we had long requested.”
Duncombe added: “These two changes to our criteria, which offer borrowers different ways to expand their borrowing potential, show how we are building on every opportunity to make it possible for more people to access the size of mortgage they need.”