You can request a transfer for your client at any time – but if your client wants to transfer before the end of the product term and the product has Early Repayment Charges, they will need to pay these before transfer.
If your client hasn’t accepted a mortgage illustration offer 90 days before maturity, we’ll write to the borrower directly outlining the ways in which they can apply for a new product.
Once the transfer request has been submitted we’ll send your client an offer.
We’ll let you know by email when the offer has been sent to your client. If you need a copy of the offer please call 0345 166 9267.
We’ll also let you know if the offer hasn’t been received by us within 9 days of the offer being issued.
Accepting the offer
Your client has 14 days to accept and return the offer. If they haven’t accepted the offer at this point, we can accept the offer up to 24 days from issue, provided the product is still available. If the product isn’t available at this point, the offer won’t be valid, you’ll need to start again by submitting a new transfer request for a product we do have.
Completion of the transfer
We’ll switch your client's mortgage to the new product on the date the old product expires to avoid any early repayment charges, unless specifically requested otherwise.
Where product fees are payable and your client isn’t adding it to the loan, then these must be paid prior to completion. They can be paid, either by cheque or over the phone by calling us on 0345 848 0224.
We’ll write to your client to let them know the product switch has been completed and we’ll also let you know via email.
Useful information & Guidance
Your client’s mortgages must have been held with us for at least 12 months.
The client must not be residing in the property.
There must be less than the value of 1 month's mortgage payment in arrears, up to a maximum amount of £100 at the time of applying for a transfer and completion of transfer.
There must be no more than one missed or late payment in the last 24 months.
The mortgage account balance must be at least £10,000.
The remaining term on the mortgage account must not be less than 2 years 5 months and the term of the new mortgage product must not exceed this remaining term, i.e. a 5 year product can be taken if the remaining term on your clients mortgage is 5 years or more.
Accord pays a procuration fee of 0.30% gross for Product Transfers - to recognise the work you do for your client to make sure they get the right deal to meet their needs.
Early Repayment Charges
Early repayment charges (ERC) apply in the event of a Product Transfer. If the ERC period ends within the next 90 days, you can apply for a transfer on behalf of your client now but it will not take place until after the ERC period has ended, unless your client agrees to pay the charge. Any early repayment charges applicable to the existing mortgage product must be paid on completion of the transfer.
The maximum LTV is 80%.
Our transfer product range now takes into account your client's mortgage balance compared to the estimated value of their property. We calculate this estimated value by using our House Price Index, which is recalculated every 3 months. We'll use this valuation when assessing your client's eligibility for our products unless your client requests a revaluation. A revaluation can be requested if your client believes that their property's current value is different to our estimated valuation.
Requesting a revaluation does not reserve any of our mortgage products or interest rates. Products can be withdrawn at any time and your client will only be able to choose from the range available once their current valuation is confirmed.
If a re-valuation is required, a non-refundable fee of £70 is payable. This fee is payable upfront on request of a re-valuation. This can be paid by credit/debit card over the phone.
If your client is planning to change the term of their mortgage or the way in which they repay the mortgage as part of the transfer process, and there is more than one applicant, then we'll require identification for each applicant. Please call us on 0345 848 0224 for more information.
Your property may be repossessed if you do not keep up repayments on your mortgage.
If you have a Buy to Let property, then alternatively a receiver may be appointed (except in Scotland) to receive the rent and/or to sell the property. After sale, you will remain responsible for the payment of any mortgage shortfall debt.
Transfer Product sheet
The Buy to Let Transfer Product Factsheet details all of our current transfer products.