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
Our range of additional loan deals allow your clients to use some of the value in their home to help them get the things they want, such as extra funds to build an extension or a new kitchen, buy a new car or to go on that dream holiday.
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.
We pay 0.30% of the loan provided that you send a completed application form to us and the loan is £5,000 or above. No procuration fee is paid if the borrower approaches Accord directly.
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
A non-refundable £70 revaluation fee may be payable.
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.
The customer may take additional borrowing on an Interest Only basis, or part Interest Only and part Capital and Interest basis. for further information.
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.
Search our range of mortgage deals for existing customers.