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Buy to Let existing customers

In this section you'll find useful information relating to your Accord Mortgages Buy to Let mortgage

Affordability

We assessed the affordability of your mortgage based on the expected monthly income generated from letting the property to a tenant. The actual income generated may be different and can be influenced over time by changes within the rental market. You will remain responsible for meeting the costs of your mortgage and the additional costs associated with letting your property for the duration of your ownership.

Your responsibilities

  • You will be responsible for adhering to all terms and conditions of the mortgage and maintaining all contractual mortgage payments.
  • Where the mortgage is on an interest only payment basis, you will be responsible for the repayment of the capital at the end of the mortgage term.
  • The property must be for letting, rather than occupied by you.
  • We will not advise you on matters that do not directly relate to the provision or administration of the mortgage.

We will expect you to understand and adhere to the following:

  • To understand and comply with the legal requirements of being a landlord, including health and safety obligations towards the tenant and implications associated with any licensing or registration requirements on the landlord.
  • To treat tenants fairly.
  • To understand that there is a commercial risk in becoming a landlord.
  • To consider how mortgage commitments will be maintained in the event of void periods.
  • To protect the value in the property through upkeep, maintenance and, for leasehold property, adherence to valid requests from the freeholder and/or its managing agent.
  • To ensure appropriate buildings insurance cover is in place upon completion and throughout the duration of the mortgage.

If you cannot pay your Buy to Let mortgage

If you are having trouble making your Buy to Let mortgage payments, please contact our Customer Management Team on 0345 848 0225. We are open 8am to 8pm Monday to Thursday, 8am to 6pm Friday and 9am to 1pm Saturday. Our staff are trained to deal with payment difficulties, and have lots of experience in helping customers. By discussing your circumstances with you, we may be able to offer help.

What will we do to help you?

If you haven't already been in touch with us, we will contact you to discuss your situation.

We will consider your circumstances and may be able to:

  • Arrange a payment plan with you that will suit both of us
  • Change the way you make your payments, or the date you make them
  • Allow you to pay your mortgage over a longer period of time if your mortgage was originally set up on a repayment basis (to reduce your monthly payments)

We will provide you with full details on how these options work and give you time to consider any changes. If we can't offer you any of these options we will explain why.

A Law of Property Act (LPA) Receiver may be appointed to receive the rent and/or sell your Buy to Let property. Alternatively, your property may be repossessed if you do not keep up repayments on your mortgage. After sale, you will remain responsible for the payment of any mortgage shortfall debt.

We will only appoint an LPA Receiver and / or start proceedings to repossess your property if we cannot solve the problem with you.

What can you do to help?

Let us know straight away if you are having problems paying your Buy to Let mortgage or think that you might experience problems in the near future.

Costs and Charges

If you are in arrears, we may charge you for administration or legal costs we incur. You will be informed about all charges which we make. These will be charged to the mortgage account.

What happens if a Law of Property Act (LPA) Receiver is appointed to manage your property?

  • The LPA Receiver will take over management of the property
  • The LPA Receiver will consider all appropriate options. If it is decided that the property is to be sold then it will be sold either on the open market or by auction
  • We will use the money raised from selling your property to pay off your Buy to Let mortgage with Accord Mortgages
  • If there are any monies left over we will use these to clear any arrears you have on any other Buy to Let mortgages with Accord
  • Any funds remaining will be paid back to you

What happens if the money raised from selling the property is not enough to pay off the mortgage?

  • If there is not enough money to repay the whole of the mortgage, you will still owe us the amount that is left (this is known as a shortfall debt). We will tell you how much this is as soon as possible.
  • Everyone named on the mortgage is responsible for all the money borrowed. This is true even if you normally only pay part of the mortgage.
  • We will take account of your income and outgoings when we arrange a payment plan for this shortfall debt with you. But if we cannot arrange a suitable plan, we may have to take further legal proceedings against you and you may have to pay additional court costs as a result.
  • These proceedings may include registering a charge against other property owned by you as security for payment of the shortfall debt.
  • If a shortfall debt is not paid, it could affect whether you are able to get credit in the future.

What happens if you hand your keys over to us?

Even if you decide to hand your keys back to us, we may still appoint an LPA Receiver to manage your property

The LPA Receiver will consider all appropriate options. If it is decided that the property is to be sold then it will be sold either on the open market or by auction. You will still be responsible for paying the mortgage until the property is sold.

If your property sells for less than you owe, your mortgage won't be fully repaid and you will still owe us the amount that is left. Please discuss this option with us before taking such action.

Complaints

Accord Mortgages is committed to providing an exceptional standard of service to you. If, for any reason, you are not entirely satisfied with any aspect of the service you receive, we want to hear from you so we can put it right.

You can contact us in writing on the address below:

Customer Services
Accord Mortgages
PO Box 869
Newport
NP20 9GY

Or, call us on 0345 848 0224.

Details of our complaints procedure are set out in the Handling Your Complaint Leaflet. Details of the Financial Ombudsman Service are set out on the Financial Ombudsman Service Website.

A copy of the Financial Ombudsman complaints leaflet will be sent along with our response to your complaint.

Useful links for landlords

Trade bodies:

The National Landlords Association (NLA) - 020 7840 8900 www.landlords.org.uk

The Residential Landlords Association (RLA) - 03330 142998 www.rla.org.uk

The Association of Residential Letting Agents (ARLA) - 0845 250 6001 www.arla.co.uk

National Approved Letting Scheme: www.nalscheme.co.uk

Royal Institution of Chartered Surveyors: www.rics.org/uk

SAFEagent: www.safeagents.co.uk

UK Association of Letting Agents: www.ukala.org.uk

Health and safety:

Electrical Safety Council: www.esc.org.uk

Find a Gas Safe Registered Engineer: www.gassaferegister.co.uk

Government legislation: www.gov.uk

Deposit protection schemes:

Mydeposits: www.mydeposits.co.uk

The Deposit Protection Service: www.depositprotection.com

The Dispute Service: www.tds.gb.com

Tax:

HMRC: www.hmrc.gov.uk

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