Financial status question - can we switch away from Accord?

Alot_does_not_exist

We have been with Accord Mortgages for 4+ years and two products with the latest having 18 months to run.

We started as Self-Certification customers but we now have it in black and white from Accord that they will be treating us as full status prospects for the purposes of any future product with them.

I anticipate that, at the time of our next remortgage, we shall require approx. £100K and have a provable, joint income of c. £25Kpa. The property value will hopefully be around £300K. Our credit rating is spotless.

Would this scenario enable us to approach other lenders or shall we still be stuck with Accord? I have nothing against them - their customer service and communications are excellent - but their rates are higher than many of the better offers you see.

luckyfool

If your £25k in joint income is all guaranteed basic, and depending on other outgoings (credit etc) and credit score then £100k based on £300k should be achievable with most other lenders. I would certainly be shopping around before taking a product transfer from Accord when the time comes.

You will want to start looking and getting the ball rolling a couple of months before the end of the deals though, as the Accord SVR is pretty shocking at 5.99%, and you do not want to end up stuck on that for a couple of months if you can help it (while a remortgage away is being processed).

Alot_does_not_exist

luckyfool wrote: »

If your £25k in joint income is all guaranteed basic, and depending on other outgoings (credit etc) and credit score then £100k based on £300k should be achievable with most other lenders. I would certainly be shopping around before taking a product transfer from Accord when the time comes.

You will want to start looking and getting the ball rolling a couple of months before the end of the deals though, as the Accord SVR is pretty shocking at 5.99%, and you do not want to end up stuck on that for a couple of months if you can help it (while a remortgage away is being processed).

Sorry but ... 'guaranteed basic'...? Come again?

Alot_does_not_exist

I'd appreciate any further comments, particularly from brokers, as to whether moving from Accord is a possibility in this situation.

GMS

Without knowing your full circumstances it is impossible to say.

The question about the £25,000 means does it consist of permanent salary, i.e not self employed or bonuses etc?

Whether you can remortgage will depend on many things.

Do you have children?
Do you have credit commitments?
Do you have any adverse credit?
How is income made up?