Accord Mortgages???????????

Money_Mad_3

HAS ANYONE HEARD OF ACCORD MORTGAGES TRYING TO HELP A NEIGHBOUR HE SAID IT IS A MORTGAGE REPAIR COMPANY, HAVEN'T GOT A CLUE. HE WAS ADVISED TO TAKE THIS MORTGAGE BY STOCKTON AND EVANS HE IS BEHIND WITH HIS MORTGAGE 2 MONTHS AND HAS TO GO TO COURT NEXT WEEK AMOUNT OWING AS FAR AS I KNOW IS £880.:eek: I THINK HE HAS TAKEN THIS OUT NOT REALLY UNDERSTANDING.

ANY ADVICE GREATLY APPRECIATED

~Beanie~

From doing a quick google it would seem that Stockton & Evans are Mortgage Brokers and Accord are certainly a mortgage company, a subdivision of Yorkshire Building Society.

Other than the fact that your friend has arrears and it sounds as though repossession proceedings have begun, I'm not sure what you are asking?

Leon_W

Accord is part of Yorkshire Building Society.

They market what they call a "Credit Repair Mortgage" whereby they offer this mortgage to those with a less than perfect credit history (subprime), and as long as the customer keeps up the payments on time, then they vow to offer that customer a prime remortgage rate when the deal comes to an end.

In my experience Accord are a very good lender.

Even if your neighbour doesn't understand the finer workings of their mortgage then surely they are aware that if they do not keep up repayments then the lender will repossess the property ?

_Andy_

Money_Mad wrote: »

I THINK HE HAS TAKEN THIS OUT NOT REALLY UNDERSTANDING.

Not really understanding what? That when you take a mortgage out you need to repay it?

Money_Mad_3

Thanks for your replies, I have just asked him again re his mortgage, I personally think proceedings have begun as he has a court date in October. He wanted to know why his payments went up.

He said it was fixed rate for 3 years up until 2010 interest only. Amount £402 per month now £424 per month. He wondered how this could go up if fixed. I did inform him that fees would go on if missed payments or cost of letters. He has missed 3 months. Can't understand why they are taking him to court with 3 missed payment. I know that banks and building society can give help by giving you free mortgage periods for a number of months then adding the outstanding figure to the end of the mortgage period. Is this true?:beer:

~Beanie~

Plenty of lenders will take you to court for 3 missed payments. He also needs to speak to his lender to find out why the repayments have increased.

You are talking about a payment holiday and yes, some lenders do allow these but not usually if you are currently in arrears, which your friend is.

He needs to get some advice or speak to his lender ASAP. I assume that he can't afford to clear the arrears? Can he afford the actual mortgage payments?

Toughluck

Accord is a great lender as some have said. If they are behind with theor current lender then they should be grateful that someone can get them with a very reputable lender.

They do a credit repair as Leon said so tell them they should go ahead with it as it sounds as though they may face repo. At least Accord will reward them if they keep up with their mortgage payments. If they don't for whatever reason god help them.

Money_Mad_3

Thanks for you all the replies and information which I have passed on.

minimike2

Payments may have gone up if he has had charges for the arrears applied to the mortgage.

GK_Aggreived

I have an Accord Mortgage that is on the SVR (as the dont offer any decent fixed rates for people in my situation), historically this has been 2% above base rate.

When the Base Rate fell by 0.5% they only passed on .15% to SVR customers. Then when the Base Rate fell 1.5% they appear not to be willing to pass on any of the rate reduction. Therefore their SVR is a whopping 3.85% above base.

Am I being un-realistic/greedy in hoping that Accord would pass on some meaningful reduction?

Is there anyone out there with the same frustrations/experiences? Is there anything that can be done?

Charlton_King

GK_Aggreived wrote: »

I have an Accord Mortgage that is on the SVR (as the dont offer any decent fixed rates for people in my situation), historically this has been 2% above base rate.

When the Base Rate fell by 0.5% they only passed on .15% to SVR customers. Then when the Base Rate fell 1.5% they appear not to be willing to pass on any of the rate reduction. Therefore their SVR is a whopping 3.85% above base.

Am I being un-realistic/greedy in hoping that Accord would pass on some meaningful reduction?

Is there anyone out there with the same frustrations/experiences? Is there anything that can be done?

Yes, this has been commented on more than once. I am waiting for some broker to bite the bullet and offer an opinion as to why Accord are playing unfair with their customers in this way. Are they just dragging their feet or do they really intend to coin it like this, knowing their 'type of client' has few other options - which seems to fly in the face of the kind of reasonable reputation they'd bult up previously?