Helping your clients move their mortgage to a new property
If your client has a residential mortgage with us, things don't have to change when they’re moving home - they can take their current mortgage deal with them and if they need to, top up their borrowing on a new deal from our current range of mortgage products.
How does it work?
Obtain a Mortgage Illustration by using our simple illustration request form or speaking to one of our friendly mortgage advisers on 0345 1200 891* (Mon to Fri: 8am-8pm, Sat 9am-1pm).
You’ll need to do this before you can proceed any further with the application.
We’ll aim to email the Mortgage Illustration to you within 24 hours.
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.
Criteria for porting an Accord Mortgage
Mortgage Payment History
Prime Borrower - top up not required: The last 3 months mortgage payments must have been made and there must be no more than 2 mortgage payments currently outstanding.
Prime Borrower - top up required: There must be no missed payments within the last 12 months AND no more than 1 missed payment within the last 24 months.
Credit Repair Borrower - top up not required: The last 3 months mortgage payments must have been made and there must be no more than 2 mortgage payments currently outstanding.
Credit Repair Borrower - top up required: 0 missed payments in the last 24 months and would qualify for a Prime top up product subject to the whole application meeting Prime criteria.
Early Repayment Charges (ERCs)
Any ERCs must be paid by the customer and these will be refunded if the customer returns to Accord within 6 months of the date of redemption.
Where a mortgage has more than one part, each individual part is subject to its own ERC. Where a product has expired between redemption and completion of the new loan, the customer must choose a product from the current range and the ERC will still be refunded (subject to completion being within 6 months of the original redemption).
In all cases a new valuation will be carried out for all portability applications, regardless of whether a top-up product is required to determine the new loan to value (LTV) of the lending. A non-refundable standard valuation fee is payable for this and needs to be paid upfront.
You can choose from our current range of house purchase products for the top-up part. The overall amount of the mortgage (existing balance and top-up) must be more than the minimum loan amount for the top-up product.
If you choose a product with incentives then the amount of the top-up must be £50,000 or more. If the amount of the top-up element is less than £50,000 you’ll have to choose either a product with no incentives or one of our portability only top-up products.
If the existing mortgage was self-certified, in order to have a top up product, the customer must provide income verification to cover the total debt. The top up product should be full status. A straight port (same or lower loan size and LTV) is allowed without income verification - subject to payment history.
Where the original mortgage is on a full status product, the portability top up amount must also be on a full status basis, with income verification to support the entire loan.
Where the applicant chooses to add the Product Fee to the mortgage at completion, we will not include this in the LTV calculation.
All portability top-ups are subject to product criteria, including minimum loan size, maximum LTV, product fee and credit score.
Porting an Interest Only mortgage
If any part of your customer’s mortgage is on interest only, they can maintain their interest only status providing a suitable repayment strategy is in place. Acceptable repayment strategies include:
- Existing Endowment
- General Investments
- Pension Lump Sum
- Selling your main residence and downsizing
- Making overpayments
Any top up borrowing can be on a capital and interest repayment basis, an interest only basis or part capital and interest, part interest only basis.
Please be aware that different criteria apply for interest only mortgages. Please see our lending criteria for further information.
Porting and the Help to Buy Equity Loan Scheme
Should your customer have a mortgage with us where a Help to Buy Equity Loan is outstanding against their property. The customer is able to port their existing mortgage deal providing the Equity Loan is repaid upon sale of their current property and they meet our new lending criteria.
Customers are also able to port their existing mortgage deal to purchase a new property with the assistance of the Help to Buy Equity Loan Scheme. Any further borrowing they take must be on a product from the Help to Buy New Lending range. This is subject to the customer meeting our new lending and Help to Buy criteria.