09 Why is it restricted to a 5 year fix only? QUESTION ANSWER Jeremy: We have restricted this proposition to a 5 year fixed rate as we believe that with a 5 year fixed rate product and on capital repayment basis, even in the event of an economic downturn, it provides customers with stability, allows for potential fluctuations in house prices and this will help protect customers from any potential negative equity. Is there a different credit score applicable for this product, if so why? QUESTION ANSWER ANSWER Gurpreet: Yes, an enhanced credit score must be achieved for your applicant(s) to be eligible for the product. Where an applicant is not eligible, but meets our standard credit score requirements, MSO will provide further information to the broker. As a lender we need customers to demonstrate strong creditworthiness and we have a duty to encourage financial responsibility in anyone taking out a mortgage. What else should brokers and their customers know about this product? QUESTION ANSWER ANSWER Gurpreet: As we want to help support as many FTBs as possible, we will accept concessionary purchases along with gifted deposits - providing they are from an immediate family member. Further information for the proposition can be found here £5K Deposit | Accord Mortgages. Additionally we can still use our Common Sense Lending approach with this proposition so please do speak to your BDM! We have already received some fantastic feedback from brokers who have told us that the £5k Deposit Mortgages has generated numerous phone calls and leads from customers resulting in business both with and without the £5k Deposit Mortgage and this is where the valuable advice that brokers provide to their customers will really help them stand out.
RkJQdWJsaXNoZXIy MjI4MjU4NQ==