Accord Mortgage application
Coney_2
Posts: 29 Forumite
I’m currently going through the process of applying for a mortgage with Accord. Went through a broker and got an AIP in place. A full application has gone in and a valuation has been arranged for the property we wish to purchase. We have 79k equity and are putting down 50k deposit. The rest will be used to pay stamp duty fees and completely wipe out personal debt.
My credit file isn’t squeaky clean and We do have a high level of debt. The monthly mortgage payment is £200 more than what we are paying now, but we will be saving £400 a month by clearing the debt with the equity.
My question is this. How likely are Accord to accept our full application? It’s a joint application, both credit reports are good but show a high level of personal debt. (This debt has been managed well and we have no missed payments). The equity will completely clear credit cards, overdrafts, personal loans etc...
My credit file isn’t squeaky clean and We do have a high level of debt. The monthly mortgage payment is £200 more than what we are paying now, but we will be saving £400 a month by clearing the debt with the equity.
My question is this. How likely are Accord to accept our full application? It’s a joint application, both credit reports are good but show a high level of personal debt. (This debt has been managed well and we have no missed payments). The equity will completely clear credit cards, overdrafts, personal loans etc...
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Comments
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How did you get on with your application?
We are going through accord too and they are just doing a valuation. How have you found them? Although we will pay off our small amount of debt I am very anxious waiting.0 -
Just wondered how you go on with this situation, we are still in the middle of an application with Accord and about to loose the will to live...0
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We’ve just had a mortgage approved with accord.
Offer accepted on 07/08 and we put everything in motion straight away. They did the valuation on 28/08 and approved us on 05/09.
We’ve got £50k equity, but £34k debt. We’re paying off the debt and going for a 95% mortgage. They haven’t made it a condition of (solicitor doesn’t have to confirm) our mortgage to pay the debt off but have suggested for affordability we do (we’ve stated it is our intention).0
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