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Accord Mortgages tightens criteria on credit repair range

Accord Mortgages has tightened lending criteria on its credit repair products.

In an email to brokers the lender says that all credit repair products, including additional loan products and exclusives will be withdrawn at close of business on December 3.

New products will be available from December 4 but with a number of changes to the criteria.

In the light products, CCJ’s must be registerd for three months plus. On medium self cert, the maximum loan to value reduced to 75 per cent from 85 per cent.

Heavy self-cert and full status maximum LTV also reduces from 85 per cent to 75 per cent.

Two year tracker products will now have a fixed end date of 31/01/10.

Accord says that these changes are in response to competitor developments ensuring that Accord continues to receive a suitable volume and mix of business.

It says that brokers should note that a lending decision is not sufficient to reserve a product.

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