Accord News
- 21 December - Merry Christmas from Accord Mortgages
- 27 November - Thanks for our 5 Star award!
- 23 November - Portability Top Up & Additional Loan products
- 06 November - Change to Existing Borrower Transfer Products
- 27 October - Changes to Accord Mortgages Online Application
- 19 October - Postal Strike Information
- 12 October - Change to Existing Borrower Transfer Products
- 17 September - Update
- 16 September - Technical Difficulties
- 25 August - Withdrawal of Additional Loan and Portability Top-Up products
- 19 August - EBT & AL Product Launch
- 06 August - Accord Launches Affordability
- 05 August - Prime Product Launch
- 24 July - Product Withdrawal
- 22 July - Change of Lending Policy - Mortgages to Remain Oustanding
- 14 July - New Existing Borrower Transfer & Additional Loan products
21 December - Merry Christmas from Accord Mortgages
Tuesday 29 December - Wednesday 30 December:
Telephone lines are open between 9:00am - 5:00pm
Thursday 31 December:
Telephone lines are open between 9:00am - 3:00pm
Friday, 1 January 2010 & Saturday 02 January 2010:
Office closed
27 November - Thanks for our 5 Star award!
We're really delighted at Accord Mortgages, that for the third year in a row, you have awarded us 5 stars at the Financial Adviser Service Awards.
Over the last year, Accord has been totally focussed on developing closer relationships with our selected key lending partners. We have deepened our understanding of how our partners' businesses work. We've also identified ways of optimising opportunities to our mutual advantage. This has involved adapting our processes, constantly reviewing the service that we provide and ensuring our people are developed and supported to make every experience you have of Accord an exceptional one.
We are also delighted that we have been in a position to develop our product range and offer selected partners exclusive products tailored to meet their customer needs. We've also made a range of competitive semi-exclusive products available.
Here's a quick reminder of some of the great reasons to use Accord:
- Sales Team - our award-winning, field and telephone based teams are on hand to give your business top priority.
- Case Managers - our dedicated, experienced processors contact you at the start of each application. You'll deal with the same person from start to finish.
- Underwriters - you can speak to the person who is making the decisions about your case.
- Award winning online technology that makes it simple to apply.
- We're part of one of the biggest building societies in the country - the Yorkshire.
Thanks again for your business and your continuing support, we really do appreciate it.
06 November - Change to Existing Borrower Transfer Products
We're delighted to announce that we have improved the rates on our fixed rate transfer products. All products have been withdrawn and replaced as of 6 November:
- All fixed rates have been reduced by 0.15%
- All fixed rate end dates have been extended to January.
The new product guide is available on the Accord Mortgages website to view now.
23 November - Portability Top Up & Additional Loan products
With effect from midnight on Sunday 22nd November we will be withdrawing the following products, these will be replaced with new products on Monday 23rd November:
Additional Loan - the following Trackers For Term will be withdrawn:
Product codes: 1963, 1964, 1965, 1966
Portability Top Up - the following Trackers For Term will be withdrawn:
Product codes: 1956, 1957
Download the new Existing Borrower Guide on Monday 23rd November
06 November - Change to Existing Borrower Transfer Products
We're delighted to announce that we have improved the rates on our fixed rate transfer products. All products have been withdrawn and replaced as of 6 November:
- All fixed rates have been reduced by 0.15%
- All fixed rate end dates have been extended to January.
The new product guide is available on the Accord Mortgages website to view now.
27 October - Changes to Accord Mortgages Online Application
From Tuesday 27 October, there will be some new questions on the Accord Mortgages online application form (paper forms will be updated at a later date).
- Terms into retirement
- Interest only - repayment of capital
Terms into retirement
As a responsible lender, it is important for Accord Mortgages to determine that any mortgage loan remains affordable where the term extends into retirement.
Any mortgage which extends into retirement may pose a risk that once a customer retires and their income reduces, mortgage payments may become either difficult or impossible to maintain.
To ensure that this risk is understood and managed, we will now collect the following information online:
Applicant’s anticipated retirement income
and
The retirement strategy - you will be asked to select one of the following options in the event that your client’s retirement income is not sufficient to meet their mortgage repayments:
- Sell this property and downsize
- Sell this property and move in with relatives
- Sell a second property
- Use expected inheritance
- Make regular overpayments to repay capital
- Sell this property and move into rented accommodation
Interest only - repayment of capital
It is also important that we establish how your client plans to repay the capital where the loan is interest only and it is clear that the repayment vehicles in place will not be sufficient to cover the capital. The options you will be asked to select from are:
- Sell a second property
- Sell this property and move into rented accommodation
- Sell this property and downsize
- Make regular overpayments to repay capital
- Sell this property and move in with relatives
- Use expected inheritance
- Use investments and / or savings
19 October - Postal Strike Information
The postal strike needn’t affect your business with Accord:
- Incoming – we’ll accept certified copies of original documents via fax or scanned copies via email. (The copy must have a signed and dated statement by the adviser that it is a true copy of the original.)
- Outgoing – we will continue to use the post for non-urgent business. For cases with an urgent deadline for completion, please discuss this with us and we will fax a copy of the offer to you. Please note that this is for urgent cases only
12 October - Change to Existing Borrower Transfer Products
We're delighted to announce that we are improving the rates on two of our transfer products
As of close of business today we will withdraw the following 2 year fixed rates:
- 5.49% (product code 6249)
- 5.59% - Offset (product code 0882)
These will be replaced with the following from Tuesday 13 October:
- 5.34% 2 year fixed rate at 75% LTV, product code 6269
- 5.44% 2 year fixed rate Offset at 75% LTV, product code 0902
The new product guide will be available on the Accord M
ortgages website from Tuesday.
17 September - Update
We are pleased to confirm that the technical problems we were experiencing on 16 September have now been resolved and normal service has resumed. We apologise for any delays caused.
16 September - Technical Difficulties
We are currently experiencing technical difficulties with issuing lending decisions at AIP stage. We are working to rectify this and will update you once the problem has been resolved. We apologise for any delay caused.
25 August - Withdrawal of Additional Loan and Portability Top-Up products
Please note that we are experiencing problems with our current range of Additional Loan and Portability Top-Up products, as a result we will be temporarily withdrawing these products with immediate affect today - Tuesday 25 August.
The Existing Borrower Transfer products are not affected and will still be available.
We apologise for any inconvenience caused and will provide you with further details when the problems have been rectified.
19 August - EBT & AL Product Launch
We are delighted to announce new Existing Borrower Transfer and Additional Loan product ranges from Thursday 20 August.
The key changes are:
- End dates now 30 November
- EBT – 60% LTV tier removed and not replaced
- EBT – 75% LTV, new 3 and 5 year fixed rates, including Offset to offer clients more choice.
- Launch of Bank of England trackers with cap and collar for both existing customers transferring to a new product and additional lending.
All existing products will be withdrawn at midnight on Wednesday 19 August.
06 August - Accord Launches Affordability
From Wednesday 12 August, Accord Mortgages applications will be processed using an affordability assessment, rather than income multiples.
To help gauge the affordability of your client’s requirements, an affordability calculator will be available from our Home page from launch. Please note that the calculator result is a guide only and does not guarantee the lending decision.
When you submit a lending decision, if the loan requested is unaffordable, our Underwriters will assess whether adjustments to the loan would make the loan more affordable within our lending policy (for example, increasing the mortgage term).
Pipeline Cases
Any full mortgage applications received by midnight on Tuesday 11 August will continue to be processed on income multiples, even if there are changes to the case during processing. This applies regardless of whether affordability would be more or less favourable for your cases.
05 August - Prime Product Launch
Please note that we will be withdrawing our current range of Prime new business products at 5pm today, Wednesday 5 August.
A new range of Prime new business products will be available from Thursday 6 August:
- All rates on our fixed rate products unchanged
- Maximum loan on all products £350,000
- End dates extended to 31 October
- Variable rates for term withdrawn and not replaced
- Remortgage only products withdrawn and not replaced
- Offset products will no longer receive an enhanced procuration fee
Download the new product guide from Thursday 6 August.
24 July - Product Withdrawal
Existing Borrower Transfer
Please note that we will be withdrawing the following Existing Borrower Transfer product at 5:00pm today - Friday 24 July:
- 2 year tracker at 3.74%. Product code: 1943
All other products are still available and remain unchanged.
22 July - Change of Lending Policy - Mortgages to Remain Oustanding
Following a review of lending policy, Accord Mortgages has changed lending policy with regard to mortgages to remain outstanding with immediate effect.
Please be advised that Accord will no longer accept applications where the applicant intends to let their existing property and purchase a new property as their main residence.
If an applicant does have a property with a mortgage which is to remain outstanding, the applicants income must be sufficient to support the outstanding mortgage AND the new loan. The only exception to this is if the property has been let for a minimum of 6 months and rental income exceeds the mortgage payment by 125%.
Please note that Accord's online AIP and FMA do not currently support this change. Any application automatically approved will however be declined once appraised by Accord staff.
14 July - New Existing Borrower Transfer & Additional Loan products
With effect from Wednesday 15th July we will be launching new Existing Borrower Transfer and Additional Loan product ranges.
Existing Borrower Transfer:
- A new range of 2 year fixed rate Self-Cert products between 60% and 100%+ LTV
- A new range of 2 year fixed rate products between 60% and 75% LTV
Additional Loan:
- New variable rate for term at 6.34% (SVR + 1.00%)
- Free standard valuation (Max £75) available on the variable rate for term up to 50% LTV
- £95 fee
Please note that further to our email of 30 June the new range of transfer products do not qualify for a procuration fee, the additional lending products continue to qualify for procuration fees to be paid. Accord continues to involve intermediaries in the product transfer process by offering:
- Advance notification (120 days) of each client's product maturity.
- Online access to client information - allowing intermediaries access to clients' balance details.
- Speedy and simple online process that minimises the intermediaries' time and effort.
See below to view details of the e-mail issued on 30 June.
All current products will be withdrawn at midnight on Tuesday 14 July. For full product details, download the new guide from 15 July.