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Accord Mortgages has lowered the maximum loan-to-value for residential applications where borrowers are repaying debts.

The broker-only lender, owned by the Yorkshire Building Society, has reduced the maximum loan to value from 90% to 85%.

Many of the banks and building societies have different limits capping the amount of debt borrowers can repay. They have to meet strict responsible lending requirements.

Aaron Strutt, product director at Trinity Financial, says: “Our brokers have found that many debt consolation mortgages are getting harder to get through and the lenders have increased their affordability checks.

“There are also more conditions in the mortgage offers to ensure debts are repaid once the funds are released. Some of the lenders will ignore debts with less than three months to run providing they can be evidenced.”

Accord says there will be some exceptions to the 85% debt limit. For example, if you are borrowing to repay a secured loan or Help to Buy loan, or completing a transfer of equity to buy out another party, the maximum loan-to-value will stay at 90%.

Call Trinity Financial on 020 7016 0790 to secure a fast mortgage offer 

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