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Published on : March 18, 2021 10:02

Edward Mellor Mortgages


95% Mortgages Return


17th March 2021 marked the return of 95% mortgages since the Chancellor announced the changes within his Budget speech at this beginning of the month.

Accord mortgages will be the first lender to bring a 95% LTV mortgage with a product range for first-time buyers but have also confirmed that they will not be using the government’s mortgage guarantee scheme for the product.

Accord’s standard underwriting policy and terms will apply, but with a maximum 4.49% LTI to ensure affordability. The maximum loan size is £500,000, and flats and new build homes are not permitted.


Jeremy Duncombe, managing director of Accord Mortgages


“Part of our purpose as one of the UK’s largest building societies is to help people own their own home, and the unique challenges of the last year have made that harder than ever for some.

“Increasing house prices, the need to save for a larger deposit, and limited choice in the higher LTV markets, means the goalposts have continually moved for many.

“We were one of just a handful of lenders that continued to offer 90% LTV mortgages during the pandemic and have been monitoring the market closely to ensure we carefully broaden our support to those with even smaller deposits.

“This new 95% mortgage will give brokers another option to help clients with smaller deposits realise their homeownership ambitions.

“As the first lender to launch a new 5% deposit mortgage to the market, it’s important we balance demand with being able to offer the high levels of service brokers and clients expect. As such, this product may be withdrawn at relatively short notice, but we will continue to communicate our intentions proactively wherever possible.

“However, as more lenders join us in the 95% LTV mortgage market, either with or without the mortgage guarantee scheme, we’re hopeful buyers with just a 5% deposit will be able to benefit from a more sustained offering in the market.”


Talk to the experts at Edward Mellor Financial Services


Our team of financial experts will be offering 95% mortgages and will be working closely with Accord and as other lenders start to introduce 95% mortgage deals we will continue to add to our own portfolio of lenders.

We give independent no-obligation advice on all financial matters from your mortgage to personal pensions and more  – get in touch today!. Or you can call us on 0161 443 4830 or email [email protected] – we’re here to help.

Note: The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested. Your home may be repossessed if you do not keep up repayments on your mortgage.


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Source: Financial Reporter
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