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

Alan_Cross

Accord are, slowly but surely, losing that reputation with their unwillingness to lower SVR. Like most of their customers, I shall be voting with my feet ASAP.

They seem to have chosen a get-rich-quick policy and abandoned what was previously a very principled attitude to borrowers which served them well in building up a customer base and a considerable following among brokers. I can only assume they now wish to lose this.

Brokers/advisers please note: Accord should no longer be your option of choice in the area of less-than-prime.

msc1977

it has been mentioned on another post that Accord regularly take about a month to either decrease or increase their SVR following a BOE rate change - one poster mentioned they had called Accord who had told them to call back this coming Friday but they had unti 15th December to make a decision about the change (sorry i dont know how ot post a link to the post).

jan78wor

We are with Accord too at the advice of our broker. We were very wary of taking out a mortgage with them as we were with the Abbey. We have been writing many letters asking why their standard variable rate is still 5.34% when the base rate is 0.50% and we have an extra 0.50% as per our mortgage offer. When our fixed rate ended January this year, we requested a transfer to another product but they said we had missed one payment, which we had due to loss of my husband's job and said we would not therefore transfer to any other product until November 2010. We complained that this was unfair and it wasn't even in the mortgage offer. They wouldn't allow us to go onto another product and we complained to the Ombudsman about Accord and they don't think they have done anything wrong. We have complained to Alexander Hall who sold us this mortgage asking why wasn't such an important term which we feel is unfair in this climate whereby the likelihood of someone falling behind is greater in this recession but haven't yet had a reply. We hope to complain also to the Unfair Contract Terms Unit as this is clearly an unfair contract term as we are being penalised for missing one payment. Why should we be treated any different to someone who has made them all on time. Why is it always the vulernable people that are treated unfairly and Accord are clearing ripping customers off when the base rate is only 0.50%. I hope they reap what they sow and when the market returns to normal that no broker uses them because of their stance on helping its customers by passing on rate reductions.

Conrad

Bullet duly bitten


Many Building Societies and Banks such as Government owned Northern Rock have variable rates of 4 - 5%. They argue they need to balance the needs of thier savers and borrowers.

Fastforward to your 70th birthday - will you still be writing to complain about the high rates - or damned glad someone still pays you a decent income in your retirment?

Now some of you will read this and do a mental filtering excercise as it doesn't fit your world view - put pause a second and imagine you are the little old retiree with low income before you again demand lower rates.

You should also take into to account these 2 points;

1) YBS / Accord had generally lower rates than the major Banks (Halifax etc) over the last 100 years

2) Accord offered cheaper fair deals for people with less than prime status. The alternative would be on eof those American funded sub prime outfits some of whom have variable rates of 9 or 10%.

Blessing and count spring to mind

Conrad

Jan, all lenders would impose the same ruling - that an account that has featured arrears cannot go onto a 'low risk' prime product. At the end of the chain are investors and they will not allow a higher risk client to borrow 'thier' money at lower rates.

As for claiming against Alexander Hall, you will need to demonstrate the advice was unsuitable given your circumstances. Abbey often decline npeople just as Accord have, so your argument that switiching to Accord has caused you a detriment that Abbey would not have imposed, is unlikely to stand up.

If at the time of applying you had had poor credit in the recent past, then that is likely to the reason they recommended Accord. Another reason could be lack of income proof?

_Andy_

jan78wor wrote: »

We have been writing many letters asking why their standard variable rate is still 5.34% when the base rate is 0.50% and we have an extra 0.50% as per our mortgage offer.

A lender's SVR does not have to track the base rate.

When our fixed rate ended January this year, we requested a transfer to another product but they said we had missed one payment, which we had due to loss of my husband's job and said we would not therefore transfer to any other product until November 2010.

Sounds fair enough - the missed payment reflects an increased risk to the lender.

We complained that this was unfair and it wasn't even in the mortgage offer.

There was nothing in the offer to suggest they would give you another product. Your contract was for a fixed rate and then the SVR.

They wouldn't allow us to go onto another product and we complained to the Ombudsman about Accord and they don't think they have done anything wrong.

Spot on, they haven't done anything wrong.

We hope to complain also to the Unfair Contract Terms Unit as this is clearly an unfair contract term as we are being penalised for missing one payment.

It's not a contract term. No lender guarantees to give you a new product after the fixed rate whens out.

Why should we be treated any different to someone who has made them all on time.

Because you have broken the terms of the mortgage contract and reflect higher risk to the lender.

Why is it always the vulernable people that are treated unfairly

You haven't been treated unfairly.

and Accord are clearing ripping customers off when the base rate is only 0.50%.

That isn't a rip off. The SVR does not have to track the base rate.