Brilliant Solutions

The internet is down in our Head Office.  Staff continue to answer the phone and respond to messages but understandably response times and service standards are affected.  Please contact your Relationship Manager directly if you have any urgent issues.  Thank you.

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

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. 

Upcoming changes to Accord’s BTL New Business product range, and ICRR criteria for all background properties

Accord are reducing selected fixed rates across their Buy to Let New Business Range and extending end dates to 31 August.

Additionally, their Interest Coverage Ratio Rate (ICRR) used for background properties is increasing.

  • The change to the ICRR criteria will be effective from 8pm on Tuesday 21 March
  • Existing products are being withdrawn at 8pm on Wednesday 22 March, and new products will be available from 8am on Thursday 23 March.
What’s changing?

BTL New Business Rate Reductions

  • 60% LTV fixed rates reducing by up to 0.20%
  • 65% LTV fixed rates reducing by up to 0.17% 
  • 75% LTV fixed rates reducing by up to 0.29%.

Product end dates across the range are being extended to 31 August.

ICRR criteria for background properties

Accord are increasing the ICRR used to assess the affordability of background portfolio properties from 4.5% to 5.5%.  This change applies to new applications for either a Buy to Let or Residential mortgage with Accord.

What else do you need to know?

  • All new applications that have DIPs submitted on or after 8pm on 21 March 2023 will be subject to the new ICRR
  • If a DIP is submitted before this time, the ICRR calculation at the time of the original DIP submission will be honoured 
  • If the FMA is not submitted before the DIP expires, or if an entirely new application is submitted, the new ICRR will apply.

When is this change?

  • The change to the ICRR criteria will be effective from 8pm on Tuesday 21 March
  • Existing products are being withdrawn 8pm on Wednesday 22 March, with new products available from 8am on Thursday 23 March.
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