Accord or Woolwich. Panicking FTB!

MelaBella

getmore4less wrote: »

Do like for likes in a calculator I use



add the fees make the monthly payment the same and see how much is owing after 3 years

lower SVR is a critical factor since you may not be able to remortgage once the fix runs out.

How much are you borrowing

THanks for that. I am planning to borrow 100k. Given the calculations I'm still paying over 1500 more on 3 years fixed and over 2500 more on 5 years fixed with Woolwich (i disregards Woolwich and Accord arrnagements fee, cause they are realtively the same, like for like, given that Accord gives free valuation and 250 gbp cash back of 1000 K, and with Woolwich it is just 499 GBP). So, my only concern is that Accord is slow in processing and also the risk of overpaying on Accord SVR (correction its 5.99%!!!) after the fixed term ends also if i can re-mortgage.soooo confused!

MelaBella

BrightStart wrote: »

Hi Mela,

Obviously i do not want to get into the specifics. They did not accept my initial application. The reason they gave was a strange one. It wasn't to do with my credit score as i have since been credit scored and acccepted by a different lender. They have a specific criteria that is out of touch with reality. But as you can imagine i was really upset as they would've done a credit check and this will stay on my footprint.

Sorry could not reveal more. Steve

Steve, im so with you on that one. I am so feard of the credit check footprints on my profile! Despite being told by 2 broker that Accord can lend me, I'm still conscerned, as i dont satisfy the UK residence requirements of most lenders. How long did it take them to reject the application?

Irishminds

Go with Barcleys or Woolwich or Halifax or Nationwide or anybody but not Accord. It's just one drama after another.

I have had a mortgage with Accord for ten years. They are a nightmare. No matter how much I pay off my mortgage (tens of £1000's) I am always just above the 75% Loan to Value.

Seven years ago I took out an additional loan, so now my mortgage is in two parts (Self cert & Full Status). The Self Cert part is much more expensive than the Full Status part). I accidently paid £20K off my full status part and not the Self Cert part. I wrote to them explaining my mistake and asked them to change it. No chance!

So now one part of my mortgage is less than £10K and all mortgages under £10k are on the SVR (6%). Even though I owe much more than £10K, I'm being charged 6% because part of my mortgage is less than £10K.

The only person I ever met singing their praises was my mortgage broker.

Their SVR is one of the highest on the market.

Frances (Northern Ireland)