Additional Loans from Accord Mortgages | helping with home improvements
If your client is looking to borrow more for home improvements, debt consolidation or any other non-business purpose, we could help
How much extra could your clients borrow?
Use our simple calculator to get an indication of how much extra your clients could borrow – you’ll need their mortgage account number and details of incomings and outgoings.
How to apply
You’ll need to do this before you can proceed any further with the application.
Obtain a Mortgage Illustration by using our simple illustration request form.
We’ll aim to email the Mortgage Illustration to you within 24 hours.
Once you’ve got the Mortgage Illustration, you're ready to download and complete the Additional Lending application form.
We can't accept hand written applications, however the form is editable so you can fill it in on your computer. For help with this, please read our 'Editable PDFs' guide.
When you've completed the form and you're ready to return it:
Check that you have included the supporting documentation that you need to send along with the form
Check the application form has been saved as an editable form
Email the form to us at: email@example.com
Please note email is not a secure form of communication.
Once received, we’ll allocate the application to a dedicated underwriter.
Your underwriter will call you to discuss how we can issue a mortgage offer as soon as possible.
They will also give you a direct contact number and email address so they can answer any questions you may have.
Clients also need a product transfer?
If your clients want to switch to a new mortgage deal, as well as borrow more, we’ll need to have released the additional borrowing first before you apply for the product transfer.
Find out more about our Product transfers
Additional loan criteria
Minimum Loan/ Maximum Loan
Depends on LTV - check the criteria section , but the maximum loan is calculated as a total of ALL secured loans on the property.
Home improvements e.g. extension, double glazing, new fitted kitchen etc.
Purchase a joint borrower's interest in the property.
Capital raising (except business purposes)
To purchase the freehold of the borrower's property
No arrears on the account in the last 12 months or the account must have been open for at least 6 months and conducted satisfactorily. If the account does not meet these requirements please contact us to discuss any options.
Loan purpose is acceptable to us.
All additional loans will be agreed only on a capital and interest repayment basis.
Available for alterations, improvements and repairs to the property, subject to normal lending limits and credit score. Additional lending will be based on the current value of the property looking at the HPI or an Internal Inspection provided by one of our panel valuers.
Mortgage illustration and application
A mortgage illustration must be provided to the client(s).
A mortgage application can only be completed AFTER a mortgage illustration has been produced.
Offset / non-offset
Offset and non-offset products cannot be mixed:
If the original loan is offset, the Additional Loan must be offset.
If the original loan is non-offset, the Additional Loan must be non-offset.
Help to Buy
The customer must have evidence of permission from Homes England/Help to Buy (Wales) Ltd before submitting an Additional Loan application.
Additional lending can only be considered for Staircasing (customer using the proceeds from the additional loan to repay their equity loan), Essential Modifications and Transfer of Equity (purchasing the full equity of the property from the current joint borrower).
If the customer is staircasing, a solicitor must be instructed.
Where there is to be an Equity Loan outstanding on completion of the additional loan:
the maximum LTV calculated using the mortgage amount plus additional loan amount is 75%
the maximum LTV calculated using the mortgage amount, additional loan amount plus the outstanding equity loan amount is 85%
Where the Equity Loan is being repaid in full, normal LTV rules apply.
Please choose from the following options
So we can direct you to the right part of our website, please select from the login options below:
NEW BUSINESS - ACCORD MSO
To create an illustration, submit a DIP, upload documents or to track an application for new customers:
ONLINE PRODUCT TRANSFERS
Switch existing Accord clients to a new deal - create an illustration, then apply and accept a product transfer online: