Product Transfers | Accord Buy To Let Mortgages
product transfers
So your client's current BTL deal is ending or they want to switch, you can see what's available and transfer them now.
Product finder
Transfer Product sheet
The Buy to Let Transfer Product Factsheet details all of our current transfer products.
The transfer process
Complete our online transfer request form.
We’ll email you when we have sent your client the offer. If you need a copy of the offer, please call us on 0345 166 9267.
We’ll also email you if we have not received the offer within 9 calendar days of it being issued.
If they have not accepted the offer at this point, we can accept it up to 24 calendar days from the issue date, as long as the product is still available.
If the product is not available, you’ll need to start again. Submit a new transfer request form for the product your client wants.
What you need to know
We’ll switch your client’s mortgage to the new product on the date the old one expires. This is so they avoid early repayment charges (ERCs), unless you’ve asked us to do otherwise.
If there are product fees to pay, and your client is not adding them to the loan, they must pay them before the transfer is complete. Your client can pay the fees by calling us on 0345 848 0224.
We’ll then send your client a letter saying we’ve switched the product and we’ll also email you to let you know.
If the ERC period ends within the next 90 calendar days, you can apply for a transfer for your client now. However, the transfer will not happen until the ERC period has ended, unless your client agrees to pay the charge. They must pay any ERCs that apply to the existing mortgage product when the transfer is complete.
We pay a 0.30% gross procuration fee for product transfers. This is to recognise the work you do in getting the right deal for your client.
Our product transfer range takes into account your client's mortgage balance compared to their property’s estimated value.
We calculate this using our house price index, which is recalculated every quarter. We use this valuation when assessing your client's eligibility for our products unless they ask for a revaluation. They can do this if their property's actual current value is different to the estimated valuation on our records.
We can withdraw products at any time and your client can only choose from the range available once we’ve confirmed their current valuation.
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 on 0345 848 0224.
If your client currently has any part of their mortgage on an interest-only basis, we’ll contact them as part of the transfer process. We’ll check they’re happy that their repayment strategy is on track to repay their loan.
If your client wants to change their mortgage term or the way they repay their mortgage as part of the transfer process, and there is more than one applicant, we need ID for each applicant.
To find out more, call us on 0345 848 0224.
Once your client has returned the product transfer acceptance form they will not be able to cancel the offer, without incurring ERCs. These will automatically be applied at redemption. Your client will not be able to switch their product between the time of the agreement and completion date.
Lending criteria
You need to check the remaining term on the mortgage to make sure it qualifies for the products available, and the terms allowed on those products.
Loan size
The minimum loan size is £3,000.
Your client can take more than one product to make up the loan, as long as it meets the product minimum loan size. See the individual product for details.
LTV limits
The maximum LTV following additional lending is 85% LTV. This is based on the total loan amount (existing borrowing plus additional lending).
Please note: where the total loan amount exceeds £1 million, the maximum LTV is 75%.
You can ask for a revaluation at this point. Change the property value to ask for a revaluation.
You need to give your client a copy of the offer and supporting documents at this point:
This tells us your client has accepted and has all the supporting documents:
We will contact you if your client’s property is down valued.
You may lose the original product you selected if the product conditions are no longer met.
In this situation, the system will cancel the original transfer and your client will get a refund of the product fees.
You will need to submit a new product transfer on the portal by selecting a product that is on sale.
Please do not challenge the valuation when you submit for the second time. This is because the portal will have been updated to reflect the revaluation result.
Unable to use the portal?
What you need to know and frequently asked questions
If your client needs to make a transfer, select the options above and follow the steps. In most cases, the process will be through our portal.
However, in some cases the portal may prompt you to use our online product transfer form.
You’ll also need to use our online product transfer form if you would like to overpay.
You can submit a transfer request at any time but ERCs may apply. You can secure a product within 90 calendar days of your client’s current product expiry date. No early ERCs will apply as long as the transfer takes place after their current deal ends.
If you choose to transfer your client’s product immediately, we will transfer your client on to the new product as soon as possible. However, ERCs may still apply if your client is tied into their current product.
If you choose to transfer your client’s product at a future date after their current deal expires, ERCs will not apply. The transfer will take place on their chosen date.
If your client's current deal is ending, we need 7 calendar days to process a new transfer.
If your client transfers with less than 7 calendar days left on their existing product:
- Their interest rate may go back to our standard variable rate (currently 7.74%).
- Their next monthly mortgage payment may increase.
If an Early Repayment Charge (ERC) applies when securing a new product, it must be paid prior to the completion date. We’re unable to proceed with the product transfer until the payment has been received. If the ERC isn’t paid by the scheduled completion date, you’ll be given a 14-day grace period. After this, the transfer will be cancelled.
You will see the illustration on the portal within the offer before you submit it. You can view it in the ‘Offer Summary’ page by selecting the ‘View’ button within the ‘Mortgage Offer’ section.
If you cannot produce an illustration using the portal, you can complete our Illustration request form. Once we have your request we’ll email the illustration back to you.
Offer without a valuation on the portal
To secure your client’s new product, accept the transfer offer after downloading it. After you’ve accepted the transfer request offer, you’ll see a confirmation page. You can still accept it after the validity date if the product’s still available. If it’s not, you’ll need to create a new product transfer request.
Any products withdrawn in the 7-day period from the acceptance will not be available if your client does not pay the fees within this time.
Unless you ask us to do otherwise, we’ll transfer your client's mortgage to the new product on their current product’s expiry date. This is so they avoid early repayment charges (ERCs).
Offer with a valuation on the portal
When we’ve processed the valuation report, we produce the offer and email you to let you know it’s on the portal. Then, all you need to do is complete and upload the Offer acceptance form.
Offer with or without a valuation using the online transfer request form
If you have completed the online transfer request form, we will post a copy of the offer out to your client. They will then need to sign and return the acceptance form within 14 calendar days.
Your client does not need to sign on the portal. Once you hit the submit button at the end of the application, the transfer has been legally accepted and we’ll begin processing it.
However, if you have completed the online transfer request form, your client will need to sign and return the Offer acceptance form within 14 calendar days.
You can get a copy of the offer within ‘Case documents’ on the portal.
If you cannot continue on the portal and have completed the Online product transfer form, our Admin team will produce the offer and send it to your client. If you need a copy of the offer, call our Broker existing customer team on 0345 166 9267.
Portal cancellation policy
Once we’ve agreed to transfer the product on the portal:
- Your client will have a 14-day cooling off period. This is 14 calendar days from the date you requested the transfer or the amount of days up to the completion date, whichever is sooner.
- Your client cannot switch products between the agreement and completion date, unless rates reduce on a like-for-like residential product up to 14 calendar days before the completion date.
Online transfer request form cancellation policy
Once your client has returned the acceptance form to transfer the product:
- They cannot cancel the offer without incurring ERCs. These will be applied automatically at redemption.
- Your client cannot switch products between the agreement and completion date, unless rates reduce on a like-for-like residential product up to 14 calendar days before the completion date.
You can pay fees online using the portal.
If you’ve completed the online transfer request form, your client will need to pay the fees over the phone to secure the product. They need to call our team on 0345 1200 872 as soon as possible after they’ve signed and returned the acceptance form.
If they do not pay within 7 calendar days, we’ll try to contact them. If we cannot get in touch with them after 3 attempts, we’ll cancel the acceptance. You’ll then need to start the transfer process again.
Our product transfer range takes into account your client's mortgage balance compared to their property’s estimated value.
We calculate this using our house price index, which is recalculated every quarter. We use this valuation when assessing your client's eligibility for our products unless they request a revaluation. They can do this if their property's current value is different to the estimated valuation on our records.
We can withdraw products at any time and your client can only choose from the range available once we’ve confirmed their current valuation.
Getting a revaluation on the portal
You can challenge the valuation on the portal by:
- selecting 'Yes' in the ‘Property and Loan’ section,
- going to the 'Current estimated value' field,
- entering the amount your client thinks their property is worth.
You may lose your product when you challenge the valuation. This is because the LTV might not match or the product may no longer be on sale.
Your client will need to pay a £70 non-refundable fee when you submit the product transfer application form on the portal.
Getting a revaluation using the online transfer request form
If you’re using the online transfer request form, call our customer service team on 0345 1200 872 to ask for the valuation before you submit the form.
Receiving your valuation report
If there are no issues with your valuation report, you will receive a copy of the product transfer mortgage offer. You will need to provide acceptance of this offer by completing the offer acceptance form located above.
Although you may be able to view your valuation report on MSO as soon as it is returned to us, we would request that you do not contact us until a member of staff has had an opportunity to fully review the form. Once reviewed, we will be in touch to advise you of the next steps.
We pay a 0.30% gross procuration fee for product transfers. This is to recognise the work you do in getting the right deal for your client.
Lending criteria
You need to check the remaining term on the mortgage to make sure it qualifies for the products available and the terms allowed on those products.
Loan size
The minimum loan size is £3,000.
Your client can take more than one product to make up the loan, as long as it meets the product minimum loan size. See the individual product for details.
LTV limits
The maximum LTV following additional lending is 85% LTV. This is based on the total loan amount (existing borrowing plus additional lending).
Please note: where the total loan amount exceeds £1 million, the maximum is 75% LTV.