Additional Loans

If your client is looking to borrow more for home improvements, debt consolidation or any other non-business purpose, we could help.

Make sure you provide a KFI to your client(s) before submitting an Additional Loan application form - call 0345 1 200 891

Please note that at present, Additional Loans cannot be applied for online. You can download and print an application form from our info & downloads page.

Procuration fee

We pay 0.30% of the loan provided that you send a completed application form to us and the loan is £5,000 or above. No procuration fee is paid if the borrower approaches Accord directly.

Minimum Loan

Refer to product guide.

Maximum Loan

Depends on LTV - check the criteria section of the Additional Loans Product Guide , but the maximum loan is calculated as a total of ALL secured loans on the property.

Maximum LTV

85%. 

Purpose

Examples include:

  • Home improvements e.g. extension, double glazing, new fitted kitchen etc.
  • Purchase a joint borrower's interest in the property.
  • Capital raising (except business purposes)
  • To purchase the freehold of the borrower's property
Valuation Fees

A non-refundable £70 revaluation fee may be payable. Please call us on 0345 1 200 891 to check if this will apply.

Requirements
  • No arrears on the account in the last 12 months or the account must have been open for at least 6 months and conducted satisfactorily. If the account does not meet these requirements please contact us to discuss any options.
  • Loan purpose is acceptable to us.
  • All additional loans will be agreed only on a capital and interest repayment basis.

Home improvements:

  • For structural changes, a copy of the plans and planning approval and estimates for the work.
  • For non-structural changes copies of estimates for the work.
KFI and application
Release of funds
  • The new Loan to Value of the property will be calculated using the latest valuation we have on record and the loan total (i.e. existing loan(s) plus new Additional Loan)
  • Where the total borrowing, including the Additional Loan, is below 85% of the current value of the property (i.e. before any work is carried out) the money can be released as soon as your client's loan is approved.
  • If the loan is for home improvement and the total LTV is above the maximum LTV for the relevant category (i.e. the value of the property will be increased by the improvements) then contractor's estimates are required prior to the release of funds. In this case, a final inspection is required and the fee of £35 is payable by the borrower.
Offset / non-offset

Offset and non-offset products cannot be mixed:

  • If the original loan is offset, the Additional Loan must be offset.
  • If the original loan is non-offset, the Additional Loan must be non-offset.