Accord News
- 11 November 08 - Accord Prime Existing Borrower Transfer & Additional Loan update
- 27 October 08 - Change to proof of income
- 26 September 08 - Accord Prime Product Changes
- 24 September 08 - Processing delays - post
- 18 September 08 - Accord Core Range Withdrawal
- 16 September 08 - Service Update
- 12 September 08 - Urgent Service Update
- 11 September 08 - Prime Withdrawal
- 4 September 08 - Prime rates cut by 70bp
- 21 August 08 - Prime rates reduced
- 29 July 08 - Credit Repair - Incorrect Proc Fees on KFIs
- 28 July 08 - Accord Cuts Credit Repair Rates
- 28 July 08 - 5.49% 2 year fixed rate from Accord
- 15 July 08 - Accord Prime New Products
- 11 July 08 - Prime Product withdrawal
- 01 July 08 - Prime and Credit repair Product launch
- 30 June 08 - Prime product withdrawal
- 25 June 08 - Key changes to Accord's transfer policy
- 19 June 08 - Accord launches new website
- 18 June 08 - Credit Repair launch
- 17 June 08 - Credit Repair withdrawal
Accord Prime Existing Borrower Transfer & Additional Loan product update
We're delighted to announce that we’ve cut rates across the majority of our existing borrower transfer and additional loan product range by up to 0-60%.
As a result all products will be withdrawn at 5:00pm on Tuesday 11 November. New products will be available at 9:00am on Wednesday 12 November.
- 2,3 & 5 year fixed rates from 5.49% (with £995 product fee)
- Fixed rates from 5.79% with no product fee
- 10 year fixed rates from 5.69%
Accord will pay procuration fees on products with a maximum LTV of 85%. Products above 85% LTV are available but will not receive a procuration fee.
The new EBT & Additional Loan product and criteria guide will be available online from 9:00 am Tomorrow.Change to proof of income
As of Monday 27 October Accord will no longer intermediary assess (fast track) any applications regardless of LTV. Normal evidence of income will be required. Please see the criteria section of the product guides for information on acceptable forms of income.
Accord Prime Product Changes
We will be launching a new range of Core Prime Products, Existing Borrower Transfer and Additional Loan products with effect from Monday 29 September 2008.
Current Prime Existing Borrower Transfer & Additional Loan products will be withdrawn at midnight on Sunday 28 September.
The new Prime Core Range will feature:
- 3 year Offset products from 6.39%, for remortgage & house purchase.
- 5 and 10 Year fixed rates with no product fee
- All products up to 75% LTV
Existing Borrower Transfer & Additional Loan products will feature:
- 2 year fixed rates from 5.49%
- Choice of fee or ‘no product fee’ products
Processing delays - post, 24 September
As a result of the high volumes of business received, we are currently dealing with a large volume of post.
We are currently working on post received on 18 September. Due to the amount of items, it is likely that service will not return to normal (i.e. post processed on the day of receipt) until 2 October.
Please bear with us during this period. We cannot search through post to confirm receipt of a particular item and we are dealing with the post in strict order of receipt.
Accord Core Range Withdrawal
As of 5pm today, Accord's new business Prime & Credit Repair products will be withdrawn. Semi-exclusive and exclusive products remain available. Existing Borrower Transfer and Additional Loan products are not affected.
The withdrawal is due to unprecedented volumes of business being received and will enable Accord's service to return to usual standards. As such, there will be no replacement products for a limited period. We will update you when new business products become available again.
Securing products
Products are not secured by Lending Decision - please complete and submit a full application to secure the required product. You can proceed even if the Lending Decison refers; please do not wait for a decision as you will lose the product if an application is not submitted.Service Update
We have received a high level of applications on the current product range and we are doing our utmost to process your business as quickly as possible.
We will post regular updates, at present, we will not be able to start processing new cases for up to 5 days from receipt of the application.
Cases received up to Friday 12 September are being processed as normal. AIP referrals are currently taking approximately 12 hours.
We would appreciate your co-operation in not calling to check the progress of your applications as this will lead to further delays. All cases will be acknowledged by MATS email as normal and MATS email updates will be provided as soon as we start processing your cases.
Thank you for your support and co-operation.
Accord Urgent Service Update
Exceptionally high business volumes have been received over the last week. To help us process your application as rapidly as possible, we would appreciate it if you would not call to check receipt or progress of your application.
We will acknowledge your application as soon as we start processing each case and send updates as normal via MATS email.
Please note, we are unable to check to see if we have received your case until processing begins, phone calls to check this will only result in further processing delays.
Please be aware that applications submitted recently will not be processed to our usual high service standards. We are doing everything possible to minimise the impact in order to return to our usual service standards.
Prime Withdrawal
Due to an unprecedented volume of applications being received over the last few days Accord Mortgages will be withdrawing some products from our Prime core range in order to ensure we maintain an acceptable level of service. Existing Borrower Transfer, Additional Loan, Semi exclusive and exclusive products remain available.
The following products will be withdrawn at 1pm today, 11 September
All products featuring a % or £995 product fee, and all 90% LTV products - Prime Core Range Only
| Standard Product Code | |
| 2 year fixed rate | 5549 and 5551 |
| 3 year fixed rate | 5552 |
| Offset 3 year fixed rate | 0678, 0679 and 0681 |
| 5 year fixed rate | 5554, 5555 and 5557 |
| 10 year fixed rate | 5558, 5559 and 5561 |
| 2 Year tracker rate | 1913 |
| Remortgage Product Code | |
| 2 year fixed rate | 5550 and 5562 |
| 3 year fixed rate | 5563 |
| Offset 3 year fixed rate | 0682 and 0683 |
| 5 year fixed rate | 5565, 5566 and 5567 |
| 10 year fixed rate | 5569 and 5570 |
| 2 year tracker | 1914 |
We hope you understand why it is necessary for us to take this action and want to confirm that this does not affect the Existing Borrower Transfer, Additional Loan, Semi exclusive and exclusive product ranges that may be available to you.
Accord cuts Prime rate by up to 70 bps
We're delighted to announce that we’ve cut rates across our entire Prime new business, transfer and additional loans range.
As a result, all products will be withdrawn at close of business on Thursday 4 September and new products will be available on Friday 5 September.
2 year fixed rates from 5.19% (65% LTV, 1.5% product fee)
3 year fixed rates from 5.69%
5 year fixed rates from 5.69%
We continue to offer competitive products up to 90% LTV plus a variety of products with or without product fees, including offset products.
Prime rates reduced from Thursday 21 August
We're delighted to announce that we’ve cut rates across the majority of our Prime new business, transfer and additional loans range.
As a result, all products will be withdrawn at close of business on Wednesday 20 August and new products will be available on Thursday 21 August. Please note that the 2 year fixed rate 2.5% fee product will not be replaced.
- 2 year fixed rates from 5.39% (with 1.5% product fee)
- 3 year fixed rates from 5.99%
- 5 year fixed rates from 5.99%
- 10 year fixed rates from 5.89%
We continue to offer products up to 75% and 90% LTV priced accordingly plus a variety of products with or without product fees.
View our current Prime product guide. The new guide will be available online tomorrow.
29 July 2008 - Credit Repair - Incorrect Proc Fees on KFIs - 12 noon Now Fixed
Due to a system issue the KFIs produced via our website will show incorrect Procuration Fees for our Credit Repair range launched 28 July 2008.
We are aware of the problem and are working on resolving the issue as quickly as possible.
In the meantime if you wish to obtain a KFI for one of our Credit Repair products please use a sourcing system.
We apologise for any inconvenience caused but we hope to have the problem rectified as soon as possible
28 July 2008 - Accord Cuts Credit Repair Rates
We've reviewed our Credit Repair products and will be replacing the entire range (including Existing Borrower Transfer & Additional Loan products) at close of business (midnight) on Monday 28 July.
The new range live on Tuesday 29 July will feature:
- Competitively priced products – all fixed rates reduced
- 2 year fixed rates start at 7.25%
- Choose no fee products or lower rates with a £1,995
- Products at lower LTVs are especially competitive
28 July 2008 - 5.49% 2 year fixed rate from Accord
We're delighted to announce the launch of an extremely competitive 2 year fixed rate.
This product enables you to offer your clients a lower monthly repayment at a time when there is pressure on other household commitments.
PRODUCT DETAILS:
2 year fixed rate - 5.49%
Maximum LTV: 60%
Product fee: 2.5%
End date: 30/09/2010
ERCs: 4% to end date
Product code 5440
If this product doesn't suit your clients needs, check out our core range of competitive fixed rates from 60% to 90% LTV:
- 2 year fixed rates from 6.39%
- 3 year fixed rates from 6.45%
- 5 year fixed rates from 6.39%
- 10 year fixed rates from 6.19%
Remortgage products from 6.49% featuring free valuation and free legal fees
15 July 2008 - Accord Prime New Products
We're delighted to announce the launch of a number of competitive new products:
- 2 year fixed rates from 5.99% Product fee 1.5%
- 3 year fixed rates from 6.45% Product fee £995
- 5 and 10 year fixed rates also available
Get the product guide now!
11 July 08 - Prime Product Withdrawal
Accord Prime Product Withdrawal - 14 July 2008
We've reviewed our product range and will be withdrawing all Prime core range products at close of business (midnight) on Monday 14 July. This doesn’t affect any exclusive products.
A new expanded range will be available from Tuesday 15 July, including 2 and 3 years fixed rates.
01 July 08 - Prime and Credit repair Product launch
Following on from the communication sent on 25th June regarding changes to the Accord Existing borrower transfer policy, new products are available from today. New Product and Criteria guides are also available on the website. Please refer to the guides for further details regarding the new products.
30 June 08 - Prime product withdrawal
As of close of business today the current Prime products will no longer be available for Existing Borrower Transfers. The range of additional loans will also be withdrawn. New products for Transfer and Additional loans will be available tomorrow along with a new, separate Product and criteria guide.
The products being withdrawn for Existing borrower transfer and Additional loans are detailed below:
- 5 year fixed: 5212, 5213, 5214, 5215, 5216, 5232
- 10 year fixed: 5227, 5228, 5229, 5230, 5231, 5233
- Offset 3 year fixed: 0564, 0565, 0566
- Offset 5 year fixed: 0567, 0568, 0569
25 June 08 - Key changes to Accord's transfer policy
From 1 July 2008 Accord Mortgages will implement a number of changes to its existing customer transfer policy. The changes reflect the issues faced by all lenders in the current market whilst emphasising that Accord is committed to the intermediary market. Accord is one of the few lenders offering procuration fees to intermediaries for Existing Borrower Transfers (EBTs).
Changes to notification of maturity and processing
- Intermediaries will continue to be notified of their client's product end date. The notice period will be extended from 90 to 120 days. Transfer offers can be requested up to 120 days before maturity.
- Transfer offers must be accepted within 14 days (formerly 30 days). If the borrower has not accepted the offer by day 14, the offer will become invalid and a new one must be requested. Any withdrawn products will therefore become unavailable.
- In accordance with our approach to Treating Customers Fairly, Accord Mortgages will contact all borrowers to advise of payment changes seven weeks before maturity.
- If an intermediary has not requested a KFI offer from Accord seven weeks prior to maturity, Accord will contact the borrower directly to put the appropriate arrangements in place.
Information about products
- Selected products from the new business range will be available to existing borrowers.
- Selected EBT product options will be made available for existing borrowers that fall in to a business category where Accord is no longer lending e.g. 90% LTV+.
- The minimum loan for EBTs will be reduced to £10,000.
- A separate product guide will be available for Prime and Credit Repair EBT products on our website.
Improvements to the Credit Repair Guarantee
We will continue to offer the Accord Mortgages Credit Repair Guarantee and we are pleased to announce that we have reduced the qualifying period from the individual product term to 24 months. This means that a Credit Repair borrower who was made all their payments on time in the last 24 months can select a product from our Prime EBT range.
Improvements to the qualifying criteria for Prime EBTs
Our policy for Prime transfer was no missed payments in the last 12 months. We're delighted to announce that from 1 July, Prime clients will be able to request an EBT product if they have no more than 2 months arrears at the time of applying for a transfer.
Changes to Procuration Fees
- We will continue to pay a full new business procuration fee on Prime product transfers where the loan and borrower meet our current new business Prime lending criteria. For example, our current maximum LTV for Prime is 90%, so no procuration fee would be paid for an EBT where the LTV is above this maximum.
- Credit Repair cases transferring to Prime products will attract a procuration fee at the full new business rate for Prime, again as long as the loan and borrower meet our new business Prime lending criteria at the time of applying for the transfer.
- Accord will no longer pay a procuration fee on Credit Repair EBTs.
Notice of potential payment shock
For your information, a preliminary letter will be sent to all Accord Mortgages borrowers within 18 months of maturity in July 2008. This will illustrate the monthly payment at Accord Mortgages SVR at the time of writing, giving an indication of possible payment increases, thus giving borrowers time to plan for payment changes.
Pipeline cases
For all cases where a KFI Offer has been requested by midnight on Monday 30 June, the existing transfer policy will apply. From 1 July 2008, the new policy will apply to all KFI offers issued.
19 June 08 - Launch of new look Accord website
Accord Mortgages launches its new look website today. Accord's site has won numerous awards and accolades for its continually developing functionality since launch including consistent eee ratings in MoneyMarketing's e-Excellence awards. The new design simplifies navigation and features a clean, fresh look.
The most significant changes are to the homepage and drop-down menus, redesigned to get intermediaries to where they want to go as fast and effectively as possible.
Cate Hillis, Accord's Strategic Development Director commented:
We're delighted with the new site, which has been designed by our in-house team. We've taken on board intermediary feedback during the development process to make sure we don't lose what works whilst improving the new with clearer, more intuitive navigation. We're confident that the new site will enhance the way intermediaries do business with Accord.
18 June 2008 - Credit Repair Launch
Further to the withdrawal of 17 June, new Fixed rate and Tracker products are now available for Credit Repair.
17 June 2008 - Credit Repair Withdrawal
Accord Mortgages will withdraw all Credit Repair products including fixed, tracker and reversionary rates at 6pm today.
Fixed Rates:
Near Prime: 5126, 5127, 5128, 5135, 5136, 5137
Near Prime Plus: 5129, 5130,5138, 5139
Light: 5131, 5132, 5140, 5141
Medium: 5133, 5134, 5142, 5143
Tracker Rates:
Near Prime:1780, 1781, 1782, 1789, 1790, 1791
Near Prime Plus: 1783, 1784,1792, 1793
Light:1785, 1786,1794, 1795
Medium: 1787, 1788, 1796, 1797
Reversionary Rates:
Near Prime: 0600
Near Prime Plus: 0601
Light: 0602
Medium: 0603
All products, with the exception of reversionary rate products, will be replaced tomorrow, 18 June, with a new range of 2 year £995 fee and ‘No Fee’ fixed and tracker rates. Please also note that our maximum LTV bandings and credit repair criteria will remain unchanged.
