Accord revises EU nationals’ lending policy

Essex Home Finance
Accord Mortgages is updating its lending criteria for mortgage applicants from the European Union (EU), European Economic Area (EEA) and Switzerland following Brexit.
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Accord Mortgages is updating its lending criteria for mortgage applicants from the European Union (EU), European Economic Area (EEA) and Switzerland following Brexit.

Following the end of the Brexit transition period, from Wednesday 17 February 2021 any EU, EEA or Swiss nationals (not including Irish (ROI) nationals) applying for a mortgage with the lender will need to evidence their residency status.

Settled or Pre-Settled status from the EU settlement scheme will be accepted by Accord, with applicants required to provide their Government website share code to evidence their residency status.

Accord has also confirmed there will be no loan to value (LTV) restrictions applied to borrowers with both Settled and Pre-Settled status. These changes apply to Accord’s residential and buy-to-let criteria.

EU, EEA or Swiss nationals without an EU settlement status can still apply for a mortgage with Accord, and will be considered under the lender’s existing criteria for those without permanent right to reside.

Nicola Alvarez, corporate account manager at Accord Mortgages, said: “We continue to support brokers placing cases for EU, EEA and Swiss nationals, applying our common sense approach to lending.”

Original Article from Best Advice 15/02/2021

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