Brilliant Solutions

Accord Update

Accord Mortgages have released an update on their product range, the details are set out below.  Accord products are available through our direct to lender mortgage club so contact us for more information on how our club can support your business. 

Accord are reducing rates across a number of their Residential Product Transfer and Additional Loan products

Applies to: Accord Residential Product Transfers and Additional Loans only

Accord are pleased to be reducing rates across a number of different products in their residential product transfer and additional loan ranges on Thursday 1st July.

Rates going down

  • 43 products are reducing at all LTVs up to 95% by up to 0.25%

Deals not changing

  • 31 products remain the same

When are doing this?

The current range of products will be withdrawn at 8pm on Wednesday 30th June and the new products will available from 8am on Thursday 1st July.

Accord are making change their BTL Product Transfer range

Applies to: Accord BTL PT only

Accord are pleased to be reducing rates across a number of different products in their BTL Product Transfer range.

PT rates going down

Rates have been cut across the range on all LTVs  (except 80%) by up to 0.06%.

  • 60% LTV: 7 products out of 8 see a rate cut between of 0.02% to 0.06%, including all 2- and 5-years products
  • 65% LTV: 6 products out of 8 see reduction of 0.03% to 0.05% including all 2-year products
  • 75% LTV: 3 products of 8 see reductions of 0.02% to 0.05%

PT deals not changing

The remaining 10 products are unchanged, including all 80% LTV products

When is the change?

Products will be withdrawn at 6pm on Tuesday 29th June and relaunched on Wednesday 30th June at 9am.

Accord have extended the timeline they originally had in place for the 90 day offer extension beyond 30th June 2021

Applies to Residential and Buy to Let purchases and re-mortgages.

Accord are pleased to let you know that they have extended the timeline they originally had in place for the additional 90 day offer extension to reduce pressure across the clients’ mortgage journey.

What do you need to know?

Accord can look to extend existing mortgage offers expiring no later than the 31st October 2021 for a further 90 days, subject to a case review being completed.

The application needs to be near the expiry date of the original offer before we will start the process (i.e. within a month), which will include:

  • Confirmation from the valuer regarding the previous valuation figure still applying
  • Up to date evidence of income and bank statements and credit score
  • Confirmation there are no  material changes to the application

If an application has previously had an offer extension, no further extensions will be accepted.

What else has changed?

Grace Period

Accord have reintroduced the 10 working day grace period where the solicitor confirms they can complete within the 10 additional working days after the offer has expired.

Stamp Duty changes

Some brokers have been in touch about Accord’s policy for clients who will have their stamp duty paid as part of their deal with the developer if they miss the 30th June deadline.

Accord will accept stamp duty paid incentives, and will not include these when assessing against their incentives policy, on all applications which exchanged on or before 30th June as long as the solicitor confirms this in writing. Accord do not need an updated UK Finance Disclosure Form (formerly known as Disclosure of Incentives Form).

For applications which exchange after 30th June, any changes to the incentives must be confirmed using a UK Finance Disclosure Form. The changes must meet Accords new build incentives policy.

We’re Residential improving rates at 80% and 85% LTV

We’re improving selected products at 80% LTV and across the board at 85% LTV. Rates at 85% LTV are being reduced by up to 0.14% (average 0.09%) and cashback is being increased from £300 to £1000 on the HPRM products at 80% and 85% LTV.

Key highlights include (all available on house purchase and remortgage cases):

  • 80% LTV 2 year Fixed at 1.97% with £995 fee, £1000 cashback and free valuation
  • 80% LTV 5 year Fixed at 2.16% with £995 fee, £1000 cashback and free valuation
  • 85% LTV 2 year Fixed at 2.34% with £995 fee, £1000 cashback and free valuation
  • 85% LTV 5 year Fixed at 2.57% with £995 fee, £1000 cashback and free valuation

All other products will remain unchanged – no changes at 75%, 90% or 95% LTV.

The new rates go live tomorrow, Friday from 8am. Products will be withdrawn today at 8pm.

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