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Accord changes criteria post regulation

Accord Mortagges wil no longer seek proof of income for cases where the LTV is 75 per cent or less, under£500,000 and where the broker has given the client advice.

A series of sense checks will still apply when the case is submitted and random sampling will take place where Accord will approach the employer or accountant directly for evidence of income.

If the income has been exagerrated, Accord reserves the right t change the interest rate to SVR +1 per cent.

Accord managing director Linda Will says: “We are confident that we can roll out this approach and make our brokers&#39 lives a little easier without increasing the risk to which we&#39re exposed.”

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