End of fixed term with Accord - can I move from them..?

Alan_Cross

To another non-prime lender? What are my options?

feisty1

Don't know as know nothing about yr circumstances..............

Alan_Cross

Basically:

1. Have paid for three years without default or delay of any kind.

2. Will require lesser amount as shall be bringing some savings to the calculation at the time of remortgaging.

3. Am still unable to provide income proofs.

feisty1

and LTV?..........................

Alan_Cross

The new LTV, if it's relevant to the question, would be about 55%-60% at most.

feisty1

Of course it is relevant to the question!

I know Accord offer a credit repair mortgage which i am presuming you have, however the credit repair may well apply to Accord's criteria only. As altho u have conducted yr credit satisfactorily for the last 3 yrs, the previous 3 yrs will still be on yr credit file, so it would be down to underwriting as to whether you met the criteria of a new lender...........Self cert mortgages are few & far between, self cert adverse even fewer...........however yr LTV doesn't possess such a high risk (relevance) as interest rates are graded by LTV.......you won't find one on the high street, therefore you will have to refer to an adviser....Also pls don't expect to obtain rates at 3/4%.......Can Accord not offer you a new product?

Alan_Cross

I assume that I would come under 'existing borrower transfer'...

... scroll to page 4 of:

http://www.accordmortgages.com/documents/ACCM2008_INT_EBTAL.pdf

... and note what they say just under the heading, namely:

' Please note, if your client's current mortgage with us is a Self-cert mortgage and they are still unable to verify their income then theycan choose to stay on our SVR rate or take the Self-cert Existing Borrower Transfer product detailed below.'



So, I guess you're saying there's precious little point in moving from them..?

feisty1

alan.........rememeber this is not advice, if u want advice go back to yr adviser, in fact to give you peace of mind you should call the adviser so u then have a comparison as to what is available out there compared to what accord can offer you........

Alan_Cross

STOP PRESS - Accord new product launch:


http://www.accordmortgages.com/about_us/news.html#090205


Can anyone confirm to me my understanding that, having paid for three years without fault, I now qualify for a full status product with them even though I can not prove income..? Am I misreading the info?

Rick62

I'm confused why you want to move from Accord. But also, as from Monday, from an Accord email:

'The Self cert transfer product will be withdrawn and not replaced. Borrowers with a self certification product who have maintained their payments for the last 24 months now qualify for a full status product'

Alan_Cross

Rick62 wrote: »

I'm confused why you want to move from Accord. But also, as from Monday, from an Accord email:

'The Self cert transfer product will be withdrawn and not replaced. Borrowers with a self certification product who have maintained their payments for the last 24 months now qualify for a full status product'

Yippee!

Would have been nice to receive the same email as the brokers but there you go..