Income will still be verified in some circumstances however, such as where top slicing is being used or to validate tax status for some lower rate taxpayers.
On a case-by-case basis, Accord will also now consider lending to first-time buyers who want to become landlords. The lender is encouraging brokers to speak to their business development manager if they have a case where it makes sense to buy a rental property as a first step on the housing ladder.
The changes, which see underwriters given more discretion to evaluate cases on their merit, will improve the application process for a number of brokers and clients who otherwise meet Accord’s lending criteria.
Nicola Alvarez, senior manager for new propositions at Accord Mortgages, said: “These latest criteria changes reflect our commitment to investing in our buy-to-let proposition to make it easier for brokers and their landlord clients to do business with us.
“Removing minimum income requirements and considering cases where first-time buyers want to become landlords demonstrates our approach to common-sense lending and means we’re able to extend our offering to brokers and ultimately support more people on to the property ladder.”