Accord Mortgages - part of the Yorkshire Building Society - offering five times salary mortgages if you earn £70,000
Accord Mortgages has amended its maximum income multiple to five times salary for single and joint applicants earning at least £70,000 each year.
Accord is the broker lending arm of the Yorkshire Building Society, and it will potentially provide five times income mortgages up to £500,000 to borrowers with a five per cent deposit. Applicants will need a 15% deposit to access £500,000+ mortgages at five times salary.
If you and your partner earn £50,000 each, the building society could lend you up to £500,000 providing you have a five percent deposit. For joint applicants earning £30,000 each, the maximum loan size reduces to 4.5 times salary and a mortgage of just under £270,000. These figures are based on a 25-year term, no dependents and minimal credit commitments.
Aaron Strutt, product director at Trinity Financial, says: “Accord offers a range of competitively priced rates and a selection of offset mortgages available to first-time buyers. Some of the other lenders are offering larger income multiples for mortgages over £500,000, although not many of them are as generous as Accord.
“Affordability is a big issue when it comes to calculating the maximum loan size and Accord will not deduct pension contributions, season ticket loans, share save schemes or debts to be repaid. The society will lower the maximum loan for childcare and school fees, ground rents and service charges, debts to remain, student loans and overdrafts.”
Accord previously offered over five-times salary mortgages, although the loan size was limited to £500,000.
For help to secure a five times salary mortgage, call Trinity Financial on 020 7016 0790.
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