How to pay your mortgage | Existing Customers | Accord Mortgages
Interest only mortgages
Reviewing your mortgage repayment plan
Your mortgage or part of your mortgage with Accord Mortgages is on an interest only basis. This means that your monthly mortgage repayments only cover the interest you owe and the money you borrowed (the capital) needs to be repaid separately at the end of the mortgage term.
As a responsible lender who puts customers at our heart, we want to help you make sure you can repay your mortgage, so we have been contacting all our customers to find out what their plans are. Our work is also consistent with guidance from the Financial Conduct Authority (or FCA - who regulate mortgages) who have told mortgage lenders that it’s good practice for us to contact customers regularly to make sure they know what their options are.
What you need to do next
Please provide us with details of how you intend to repay your mortgage. You can do this by calling us on the number below or you can complete our online form.
We'll need to take details for each of the account holders named on the mortgage as well as the details of any repayment plans that you have in place.
If you need some help, there may be simple changes you can make such as making overpayments on your mortgage or switching to a repayment mortgage. Our team of qualified mortgage advisers can talk through your current situation and may be able to work out a plan to support you, although any changes will be mutually agreed.
If you would like to talk to one of our advisers please call us on free phone 0800 138 1009. We are available from 8am to 8pm Monday to Friday and from 9am to 1pm on Saturdays. Alternatively you can request a call back by using the form (link above). (Please note, we will endeavour to call you back within 2 working days).
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.