Accord Mortgages has launched a new range of products for those who have already been refused a mortgage.
The intermediary-only lender says the new Cascade Score products were designed to provide an alternative option for brokers whose clients do not meet Accord’s higher LTV scorecard, but meet its standard scorecard.
For cases that would previously have been declined by the lender, Accord says it may now be able to offer brokers an alternative product from the new 85% to 90% LTV Cascade range, subject to the criteria for affordability and lending are respected.
Nicola Alvarez, Accord Mortgages Senior Manager for New Proposals, said: “We know there are a number of potential borrowers who do not currently meet our high LTV scorecard, but who can meet our standard dashboard, our policy and our affordability criteria. This change is for them, and I’m so glad it means we may be able to lend on cases that we couldn’t before.
“Brokers don’t need to do anything differently when submitting a policy decision – technology will do the heavy lifting – but instead of what previously would have been a decline, some cases will now automatically be in cascade to offer brokers an alternative product lineup for consideration, potentially giving their clients more opportunities to secure a place they can call home.