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Accord’s Enhanced Criteria for Foreign Nationals

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    In a commendable move towards inclusive lending, Accord Mortgages enhanced its criteria for applicants without indefinite leave to remain in the UK, effective as of November 15, 2023. This significant change is part of Accord’s commitment to common sense lending, reflecting their dedication to assisting a broader range of clients in achieving their homeownership goals.

    Empowering More Clients with Sensible Lending

    Accord Mortgages is setting a new standard in the mortgage industry by adapting its policies to better meet the needs of a diverse client base. This initiative reflects a deep understanding of the unique challenges faced by foreign nationals in the UK housing market.

    Key Highlights of the Update

    • Increased Maximum LTV: The maximum Loan-to-Value (LTV) on joint applications has been increased to 95% where one applicant is either a British citizen or has indefinite leave to remain.
    • Target Audience: This enhancement particularly benefits joint applications where one party does not have Indefinite Leave to Remain (ILR) but the other does, or is a British citizen. It’s a boon for first-time buyers, those moving up the property ladder, or looking to remortgage.
    • Simplified Process: Brokers can continue using Accord’s online tools and calculators for submissions. The Mortgage Solutions Online (MSO) system will handle the rest, ensuring a seamless process.

    Specific Conditions:

    Accord’s updated lending criteria come with specific conditions designed to ensure that the new policy is applied effectively and responsibly. These conditions are crucial in maintaining the balance between extending opportunities and ensuring sustainable lending practices.

    • Not applicable for single applicants where LTV exceeds 75%.
    • Only for joint applications with one party having ILR or British Citizenship.
    • Standard new build restrictions apply at 90% LTV.
    • Portability and variations for eligible clients will follow standard lending rules.
    • All applications must satisfy existing affordability, policy rules, and scorecard requirements.

    A Step Towards Inclusivity:

    This update is a testament to Accord Mortgages’ dedication to addressing the diverse needs of the UK’s population. By expanding lending options for foreign nationals, Accord is playing a pivotal role in making the dream of homeownership more accessible to a wider range of people in the UK.

    Accord Mortgages’ recent policy enhancement for foreign nationals is a significant step towards inclusive and sensible lending. In my years of experience as a director of a national mortgage brokers, I’ve always believed in the importance of adapting to the client’s diverse needs. This move by Accord aligns perfectly with our ethos at YesCanDo Money, where we prioritise making the mortgage process simple, stress-free, and understandable to all. It’s encouraging to see such initiatives in the mortgage industry that support and empower people from different walks of life, including those new to the UK, to achieve their homeownership dreams. – Steve Roberts (Founder & Director of YesCanDo Money)

    Your Path to Homeownership with Expert Guidance

    At YesCanDo Money, we understand the unique challenges that foreign nationals face when seeking mortgages in the UK. With Accord Mortgages’ new criteria making homeownership more accessible, our experienced team is here to guide you through every step of the mortgage process. Whether you’re a first-time buyer or looking to remortgage, our expertise in mortgages for visas and foreign nationals can help you navigate this journey with confidence. Discover how we can assist you by visiting our Mortgages for Visas and Foreign Nationals page.

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    Steve Roberts (MAQ)
    Steve Roberts (MAQ)

    Stephen Roberts MAQ is the founder of YesCanDo Money, one of the UK's largest no-fee mortgage brokers. With more than 30 years of hands-on experience in the mortgage industry, Steve really knows the ins and outs of mortgages. He's become a trusted expert and authority in the field, thanks to his deep understanding of the mortgage landscape. Speak to Steve or a member of his knowledgeable team today by completing our contact form:

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