Accord SVR Rate cuts

thechippy

We were on 4.89 fixed with accord, interest only paying about £517 p month.
It's just reverted to svr which is meant to be 5.49, but they took £632 from my account yesterday - I thought it would be about £565 with an svr of 5.49.
Any ideas anyone??

msc1977

Accords SVR is is currently 5.34%. I'd just give them a call i've always found them really helpful over the phone. It could be that it reverted to SVR midway through last month so they need to do an overcharge for that part of January and charge you the full month for February....

Alan_Cross

Surely they have to move on their rates soon, even as a non prime lender..?

I would have thought that this:

http://www.accordmortgages.com/index.html

is not tenable in the current circumstances.

What do others think?

Charlton_King

Yes, I'm hoping for them to unstick themself from the comfy mud they've become mired in.

Their rates are beginning to look high, even for the end of the business they're in.

bashali

I strongly believe that little offshoot companies will be brought back into comfy arms of their owner.

It is likely that accord mortgage would be shut down in next couple of month by YBS. YBS will still keep all the mortgage, but no added burden of running costs, perhaps sack the staff. The mortgage market is pretty slow/low anyway and I am sure they will have number of staff within YBS trying to look busy.

Charlton_King

Why bother? It's just a letterhead name within YBS, after all. Hardly a semi-autonomous operation in any sense. The Accord people are YBS staff in all but name, literally.

patchman

New rates from Monday, which much include a new lower svr!

feisty1

bashali wrote: »

I strongly believe that little offshoot companies will be brought back into comfy arms of their owner. It is likely that accord mortgage would be shut down in next couple of month by YBS. YBS will still keep all the mortgage, but no added burden of running costs, perhaps sack the staff. The mortgage market is pretty slow/low anyway and I am sure they will have number of staff within YBS trying to look busy.

oh yes!! and what facts is this based on!!

patchman

sounds like bashali has some inside information? ....

bashali

No inside information just to clarify, since there is no compitition left in market, even letter heads cost the money.Various companies set off these little offshoot to attract and trying to take share of the mortgage market, under different branding etc, but now they dont need to do it.