Accord reveals details of new Help to Buy mortgages

14 December 2020 | Finance

The new deals will be available from Wednesday 16 December, which is when those getting onto the property ladder can sign up to the new Help to Buy 2021 to 2023 scheme.

Accord said its new collection of two and five-year fixed rate products were previously available for the current scheme. However these have now been refreshed and are being launched ahead of reservations for the new scheme on Wednesday.

Under the new guidelines, Help to Buy will only be open to first-time buyers and regional caps will apply.

Nicola Alvarez, corporate account manager – proposition development at Accord Mortgages said: “Having already supported the purchase of nearly 3,000 homes within the current Help to Buy scheme, we are delighted to be launching a range of products for the new scheme and help even more would-be home owners make that first purchase.

“There are some key changes between the current and new scheme, most notably that all applicants must be first-time buyers, having never owned a home anywhere in the UK or the world. There are also regional caps, all the details of which can be found in our Growth Series Help to Buy guide.

“We are committed to supporting brokers with the transition as well as offering the dedicated New Build support, underwriting and service brokers have come to expect from us.”

Details of the new products, which are available for brokers to select from today (Monday 14 December), are as follows:

A two-year fixed rate at 2.10% at 60% LTV with a £495 product fee, £500 cashback and free valuation

A five-year fixed rate at 2.16% at 60% LTV with a £995 product fee, £1000 cashback and free valuation

A two-year fixed rate at 2.19% at 75% LTV with a £495 product fee, £500 cashback and free valuation

A five-year fixed rate at 2.25% at 75% LTV with a £995 product fee, £1000 cashback and free valuation

These products can also be used for any Help to Buy applications in Wales, where borrowers will continue using its existing scheme until 2022.

As part of this product change Accord is also launching eight fee free products between 75-85% LTV with up to £500 cash back and free valuations for house purchase and up to £250 cash back, free valuation and free legal services for remortgages.

Accord said it would still accept applications for the current scheme – the same product rates and incentives apply.

This post has originally been featured in Mortgage Finance Gazette.