How to switch your mortgage
There are two ways you can apply to switch your mortgage deal with Accord Mortgages:
- Without advice ('execution only') – online or over the phone.
- With advice over the phone.
Switching your mortgage deal online without advice
If you apply to switch your mortgage deal online, it is known as an 'execution only' application. It’s designed for those customers who have a good understanding of the mortgage application process and can be confident they will be able to choose a product that’s suitable for their needs.
It does mean that you won't be eligible to receive advice on your mortgage switching application. But if you change your mind and decide you would like some advice once you’ve started your application, you can swap how you apply from online to over the phone.
Before applying to switch your deal online, you must be aware of the following:
- The product you wish to apply for including the interest rate and its term.
- Interest rate type e.g. fixed, or variable.
- The early repayment charges associated with the product.
- The price or value of the property you are looking to purchase or remortgage.
- The loan amount you want to borrow.
- The length of term required.
If you choose a mortgage without advice (execution only)
- You should be comfortable choosing the right mortgage without our advice.
- We won’t advise if the mortgage you select is the right choice for your needs, which means that you’ll be giving up the benefits of Financial Conduct Authority protection on mortgage suitability.
- We will still assess whether you can afford the mortgage.
If you are unsure on any of the above, switching your mortgage deal with advice may be more suitable for you.
Benefits of receiving mortgage advice
A mortgage is likely to be the largest financial commitment you make in your life, therefore you may benefit from speaking to one of our mortgage advisers over the phone.
A mortgage adviser will be able to review your incomings and outgoings and make a suitable mortgage term and product recommendation to suit your individual needs.
An adviser will be able to provide guidance on the following, amongst other points depending on your circumstances and needs:
- Mortgage term.
- The interest rate on your chosen mortgage deal vs the product fee you may have to pay for selected deals where the interest rate is lower.
- The affordability of the loan.
- If a fixed or variable rate would best suit your circumstances.