Need some advice

Rosetintedspecs

Hi, First time poster and in a bit of a pickle! Essentially I'm after some advice and I'd be really grateful if anyone could shed some light..

We are waiting for a decision on a mortgage application from accord mortgages. From what I am reading this isn't an uncommon position and I wish I had read reviews before applying. We are now at approx 5 weeks from application. The vendors of our chosen property and their estate agent are now piling on the pressure. I want to know if we should (and how actually damaging it may be) putting in another application to a different lender? Our brokers have advised against but then I wouldnt be paying them if I go direct somewhere else so I guess they would..

koexelek

Your broker must be a massochist if they placed you with Accord :eek:

Only potential downside of trying elsewhere is..
1) you'd have to pass another credit score with the new lender
2) you'd probably have to now pay survey fees, booking fees to a new lender in addition to what you might already have paid to Accord

Rosetintedspecs

Thanks for replying!

The fee i would save on not paying the broker (who did not warn us at all about Accord btw..) would probably offset most of the initial fee of a new application. Is there a danger that a new application could damage the Accord application at all?

Dave_Ham

Unlikely to effect the Accord application, but sneezing whilst facing West may.

Aside from rates (at certain thresholds) no other reason to go Accord.

Apply some pressure to broker and tell them you are considering elsewhere. What stage are you exactly up to with Accord (if you know)

koexelek

Rosetintedspecs wrote: »

Is there a danger that a new application could damage the Accord application at all?

As Dave says, no.
A new lender would see that you had already applied to Accord though, which might affect their decision ( but very unlikely if everything else is in order)
Accord will often come out as having the best rates, but it is a very brave broker who will risk their own reputation by using them . I tell people it's better to pay an extra £5 per month and go with a lender who can turn it round in less than 6 months :eek:

Rosetintedspecs

That made me smile (quite a feat in my current aggitation.. thanks!)

Broker made it sound like a positive thing that Accord gave an almost immediate DIP ("these hardly ever come back positive"). Broker also accepted Tax caluculations and not full SA302's for my self employed partner (que scramble for correct documentation with HMRC). Which I know caused delays.. That said, I am assured (I've been onto the broker daily) that they have everything they need and have asked them to instruct valuation due to pressure from vendors EA.

I just feel like a back up plan would be a really good (albeit expensive) idea..

Senior_Paper_Monitor

Just to give you an idea what its like dealing with Accord ..

Put in two of the cleanest and best profile FTBs I've seen in my life to Accord this morning@ 80% LTV - only blip on their file is they are not yet on voter's roll for the house they are currently renting after moving from Leeds (been there 3 1/2 months) - applied six weeks ago but this is the month that they won't update the roll on 1st month (annual something or other).

Referred (pretty much as expected) - try to contact (6 different numbers used - including general broker help desk who couldn't find anyone available with access to the DIP) so we could provide copies of registration docs etc ahead of consideration. No-one available.

Do about one a month with them (always with a health warning to clients and vendors/agents) and its certainly hard work. If their rates and lending multiples (if you don't have kids or any loans/cards) weren't so good at times, we wouldn't go there.

kingstreet

We have so far managed not to use Accord this year. With that lousy 5.99% SVR the last client I talked to chose a higher rate with Nationwide to avoid the possibility of something changing and them getting stuck in a few years' time.

In addition, being in newbuild does have its advantages sometimes.

Senior_Paper_Monitor

Kingstreet's comment about the SVR is 100% valid - we only take clients there with a full health warning on that and if we have all agreed it is a saving worth the potential risk

koexelek

Senior_Paper_Monitor wrote: »

Do about one a month with them (always with a health warning to clients and vendors/agents) and its certainly hard work. If their rates and lending multiples (if you don't have kids or any loans/cards) weren't so good at times, we wouldn't go there.

Respect to you for persisting with them.
The last straw for me earlier this year was when I placed a 50% loan to value, remortgage Buy To Let with them, and was asked for about the equivalent in paperwork of a telephone directory for the whole of London about the clients personal circumstances.
Luckily, my client was not in a hurry and had a lot of patience, and between us we wore them down in the end and they had no option but to offer it:cool:

I'd rather lose a potential case these days than risk a lender who will make me look slow, unprofessional and foolish in front of the client

witchy1066

I must be missing something here , but from reading other threads 5 weeks from application doesn't seem that long,
ours was 7 weeks from application to surveyor going
we are not with Accord