A handy guide to our fees & charges
There is normally a fee or charge relating to submitting new business to Accord or if an existing customer needs to make a change to their mortgage. Our guide page will outline for you when a fee is payable in these circumstances:
Borrowers guides & literature
New Application & valuation fees
This is charged on some mortgages as part of the deal. It can be paid up-front (prior to offer) or added to the total mortgage amount. If added it to the mortgage, you're client will pay interest on it at the same rate as the rest of their borrowing. It might be a flat fee, or a percentage of the loan amount.
Initial interest with your first mortgage payment
Your first mortgage payment includes initial interest. This is the interest which is charged from the day we release funds to your solicitor to the end of the calendar month in which interest charging commences - please be aware of this to allow you to budget accordingly.
Three working days after completion we will issue a First Payment Letter which will confirm the amount of initial interest which has been charged, and the date on which the payment will be taken.
A valuation fee is payable as part of all new applications, both for house purchases and remortgages. The valuation will be instructed as soon as the fee has been paid and we begin to process the application - unless you advise us otherwise. Once a valuation has been carried out, the fee will not be refunded in the event that the mortgage does not proceed.
Our valuation fees are shown in the table below.
|Valuation not exceeding||Mortgage Valuation||Home Buyer Survey and Valuations|
Funds release fee
When the applicant's solicitor advises us that the application is ready to complete, we will release the funds to them on the requested date by CHAPS.
For this electronic transfer, we will charge £30 and this will be deducted from the mortgage funds.
Existing customer fees & charges
A revaluation of your client’s property may be required if they wish to make a change to their existing Accord mortgage such as:
- Additional Lending/Portability
A non-refundable £70 revaluation fee may be payable on Additional Loan or Portability applications. Please contact us to check if this will apply.
- Existing Borrower Transfer
If a revaluation of your client’s property is required, a non-refundable fee £70 is payable. This fee is payable upfront on request of a revaluation. This can be paid by credit/debit card over the phone.
A revaluation can be requested to estimate the current LTV if your client believes that the current value of the property is different to our estimation. The revaluation does not reserve any of our mortgage products or interest rates and products can be withdrawn at any time.
Early Repayment Charges
If your client decides to repay their mortgage early or they want to switch to a new deal (an Existing Borrower Transfer), there is usually a charge applied. This is normally shown as a percentage of their current mortgage balance.
As some of our residential mortgages are portable, we will pay back any early repayment charge incurred by moving home within the fixed rate period (or within a tracker or discounted period, if applicable). This refund is subject to conditions which are laid out in the original offer document and is dependent on the client borrowing the same amount and on the same deal.