Accord Buy to Let makes criteria changes
Accord Buy To Let has made a number of changes to criteria and documentation requirements.
It has moved the minimum income requirement to £25,000 per application, as opposed to at least one applicant requiring £25,000 minimum income.
The lender has also reduced the number of years’ evidence required from self-employed applicants from three years to two years.
Chris Maggs, senior commercial manager at Accord Buy To Let, said: “We have reviewed our criteria to improve the service we provide to brokers.
“These changes will not only increase turnaround times but will make our products more accessible to a broader range of landlords.
“These latest updates come at the end of a very exciting year for Accord Buy To Let.
“In the last 12 months we’ve made efficiencies to the application process by replacing signed declarations with a tick box to ensure we can keep our turnaround times as low as possible.
“We’ve also improved our proposition with the launch of an 80% LTV range, increased maximum age and term and introduced a new income and tax-based income cover ratio (ICR) of 125%.
“Landlords have had a number of challenges to face over the last few years, and it’s likely for the short-term at least there will be continued uncertainty, but we are constantly looking for ways we can support the sector and help more property owners grow their businesses.”
Accord Buy To Let has also updated its contractor criteria to align it with all residential applications.