Switching deal | Existing Customers | Accord Mortgage
Switch your mortgage deal
If your current deal is about to come to an end, or you are considering switching deals, we've got a range of mortgages to choose from.
Information for Buy to Let customers
If your account number begins 10013 or 10014, call us on 0345 848 0224 to find out if we can offer you a transfer and switch today. For more infomation visit our Buy to Let Product Transfer page.
- If your account number starts with 17 or 18, you have the option of switching online or you can call us on 0345 1200 891. Details on how to apply can be found here.
View our latest BTL Transfer product list
How does it work?
Switch your deal in just 4 simple steps.
We send a reminder
Around 90 days before your current deal is due to end, we'll contact you. We only offer you deals that we know you're eligible for.
Review your options
To compare monthly payments you can retrieve your mortgage online, you just need your mortgage account number. You'll find this on any letter we've sent about your mortgage.
Choose a new deal.
Look through our latest deals right now and find the deal that's right for you.
Switch your deal!
You can do this online or over the telephone. Once you’ve made your choice and paid any fees we will confirm your new deal. You'll receive a letter confirming your changes.
Once you’ve accepted your new deal, this is binding. The only exception to this is for residential mortgages if the interest rate reduces before your new deal starts.
What if rates fall after you've chosen your deal?
As long as the term, and any fees and incentives are the same, you can choose a lower rate. In fact, you can change as many times as you like up to 14 calendar days before your new rate begins.
You can access the existing product range applicable to your mortgage at any time by logging onto your mortgage account or requesting it via your broker.
Here's an example:
- Your chosen deal: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.99%
- Is replaced with: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.49%
You’ll just need to complete a form to request a deal on the new rate.
6 reasons why switching is so easy!
What you will need
You can reserve your new deal
You can reserve a new deal up to 90 days before your current deal ends. If Early Charges apply, you can even delay switching until they no longer apply!You can switch quickly
If you'd prefer, we can switch deal in a matter of days/hours. It commonly takes 8 weeks if you were to move to another lender.We've already checked your eligibility
Save yourself from the pain of reapplying all over again because we only offer deals that we know you are eligible for.There's no credit check
Switching your deal with us will not affect your credit rating. Remortgaging with another lender would.There's no need for a house valuation
Since you already have your mortgage with us.There's no need for a solicitor
You won't need a solicitor to help you switch deal. You will if you remortgage with another lender.
What happens if I don't switch?
If you don't do anything then your mortgage will go onto either our Residential Standard Variable Rate (SVR), Discounted Standard Variable Rate or Buy to Let Standard Variable Rate.
- Your mortgage payments could go up or down
- You can make unlimited overpayments
- You can pay your mortgage off early with any Early Repayment Charges
- At the end of your fixed rate deal:
- 2 year fixed rate will move onto a discounted Standard Variable Rate for 3 years
- 3 year fixed rate will move onto a discounted Standard Variable Rate for 2 years
- 5 or more years fixed rate will move onto Standard Variable Rate
Am I eligible?
Mortgages must have been held with us for at least 12 months.
For residential customers, the property must be your main residence.
BTL customers must not reside in the property.
For all residential customers (including credit repair) there must be no more than one missed or late payment in the last 12 months. For BTL this is 24 months.
The balance on the part of the mortgage you wish to transfer onto a new product, must be at least £3,000.
If the mortgage is in joint names you must have the authority to switch deal on behalf of all applicants.
You are not moving from another mortgage provider.
You must also meet all of our other lending criteria.
Things to consider
You should only switch online if:
- You're sure that you don't need advice on requesting a new deal.
- You're not changing any other details of the mortgage such as the term of the mortgage or the repayment method or wanting to pay a lump sum.
- You're not borrowing more or making a lump sum payment.
- No part of your current mortgage is on an 'interest only' repayment method.
- You're not moving from one self-certification mortgage to another.
- You don't have a Joint Borrower Sole Proprietor mortgage.
Ways to apply
If you're happy to stay with us, have all the information to hand and have read the things to consider above, then you are ready to get started. You can switch in minutes. Alternatively, you can get advice from your broker about what to do next.
Apply by telephone
Talk to one of our friendly mortgage advisers
Will Accord offer me advice?
If you're applying by telephone, it's your choice.
0345 1200 891*
9am - 5pm : Monday to Friday
9am - 1pm: Saturday
Please note, Buy to Let Product Transfers are completed on a non-advised basis.
Disclaimer
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.
Need to pay fees?
You can pay any outstanding Product Fee or Early Repayment Charges by calling us on 0345 1200 891*.
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.