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 making changes to their Residential and Buy to Let New Business product ranges
Accord appreciates the market is volatile at present, and whilst not always possible, they will endeavour to give brokers at least 24 hours’ notice of any upcoming changes.
On Thursday 5 December, Accord are making changes to their Residential and Buy to Let New Business product ranges. The current ranges will be withdrawn at 10pm Wednesday 4 December, and the new ranges will be available at 8am Thursday 5 December.
What’s changing?
Residential New Business
- Selected fixed rate products are reducing by between 0.05%-0.30%
- Selected £995 fees are reducing to £495
- Withdrawal of selected Boost LTI products (including all 2-year products)
- End dates are being extended to 31 March.
There are no changes to tracker rates.
Buy to Let New Business
- Selected 2-Year fixed rates are reducing by up to 0.35%
- 3-Year fixed rates are reducing by 0.10%-0.45%
- Selected 5-Year fixed rates are reducing by up to 0.20%
- End dates are being extended to 31 March.
What else do brokers need to know?
Please note that a full mortgage application must be submitted by the time of withdrawal to secure a new lending product. If a broker is yet to submit a DIP, they should do so as soon as possible as any referrals will only be looked at during normal office hours.
For Buy to Let applications, the product selected will impact the maximum loan Accord can offer. As a product cannot be selected at DIP stage, it is important that brokers use Accord’s rental calculator, which can be found here, as this allows them to input the details of the product required and provides a more accurate maximum lending amount. The actual maximum lending available will be determined at the point a Full Mortgage Application is submitted.
Accord Residential Product Transfers and Additional Loans
On Friday 13 December, Accord are making changes to their Residential Product Transfer and Additional Loan product ranges. The current ranges will be withdrawn at 8pm Thursday 12 December and the new ranges will be available at 8am Friday 13 December.
What’s changing?
• Product Transfer fixed rates are reducing by 0.20%
• Selected additional loan rates are increasing by up to 0.10%
• Selected additional loan rates are decreasing by up to 0.10%.
What else do you need to know?
Accord are pleased to have signed up to the Mortgage Charter – click here to find out how it can help existing Accord customers. For more information about Accord’s product switching process, click here.
If brokers wish to amend a client’s already offered product to a like-for-like deal they can do so via Accord’s switching form; however, this must be submitted no later than 14 days before the current product end date.
Speeding things up
Accord knows it’s very busy at the moment – to find the information brokers need in a hurry (including criteria) Accord’s website is here to help them get answers quickly and easily.