Mortgage broker recommends Accord 4.89% - 5 yr - with 1 default

blondends

Hi,

Mortgage broker has recommended that we try for an AIP with Accord. The rate is 4.89%, £995 arrangement fee, 5 year fixed , 75% LTV. This was chosen because of 1 default on my wifes credit history (5 years ago).

I have seen other rates of 4.59% and even 4.39% (hsbc). The broker said that these weren't available to him because they were probably direct only. He also said that due to the default HSBC wouldn't consider us.

Does anyone have any advice about what we should do? We are looking for the best rate possible because of a high lending amount.

Cheers.

blondends

UPDATE:

We decided to go for an AIP with Accord and this has now been referred to underwriter. Not sure what the outcome will be - really worried!!

_Andy_

If the AIP has been referred you should have a decision within (I believe) 48 hours.
If there has been no other adverse, and the default has been settled, it might be worth giving HSBC a go - in fact you could get an AIP over the phone in about 15 minutes.

robbiecaratiger

Don't worry about it being referred - that's pretty much standard practice me thinks.

Best of luck!

blondends

Cheers for your comments!!!

_Andy_, have you had any personal experience with HSBC? I have been told in the past that they are quite strict - or has this changed?

_Andy_

They are strict however you have a decent-ish deposit and the default is historic.
Given they do a soft credit search you wouldn't lose anything by trying an AIP.

blondends

GOOD NEWS !!!!

I have just got off the phone with HSBC and they have offered us an AIP. It is on its way in the post!!

Thanks for all the help and comments!!

...now to put our offer in...

_Andy_

That's great news - let us know how everything goes from here.