Fee free accord mortgage broker

jonnyb1978

Paully232000 wrote: »

I can only speak from a customer, not broker POV. We have a mortgage with accord, 1 year now into our second 5 yr fix with them. Our application took, from giving all the required info to our broker to being accepted, 30 days. This was the time quoted on accords website so i cant really complain. They did come back asking some questions through this 30 days, but on hindsight, nothing too bizarre.
Never had any concerns with them, and we were far from a simple case so our broker could well have had a nightmare, but worked out well in the end. The broker charged a fee.

Thanks Paully. Good to read a positive review. We are in no rush to move as the longer we leave the more savings we gain. Same for our buyers who indicate. Our vendors have no chain. I can live with 30 to 40 days.

jimjames

GMS wrote: »

How much rent per month?

Is the flat above/attached to commercial premises?

What is your income?

How many properties do you own?

Sorry to highjack thread but interested to read the comments from brokers here. Would you not touch accord or just not for free?

We have 1 btl already and looking at mortgage for 2nd, rent £850 on £125k mortgage on £180k property. Income over £30k. Own our property with £45k mortgage on £400k house.

Likely to get a mortgage with them? Not seen any other rates at under 4% for 5 year fix, broker found 4.44% but this would cut £2500 off payments over the 5 years.

I was worried about SVR so was looking for rates with low SVR after like rbs at 4% but broker advised that wasn't something to worry about as rates could change anyway and could remortgage then if needed.

GMS

If Accord were the last lender on earth I would still not want to use them!

ACG

Everything would need to align for that once in a lifetime event when I use them and even then I would probably start to get nervous and sweaty palms.

If it were a remortgage, under 3x income, 6 years worth of address and electoral roll history, no adverse, no kids, no debts, good stable jobs/employment history and the clients themselves ignored my preferences/please and the SVR rate I would use them.

Thankfully, as I tend to go after business with adverse that is unlikely to happen.

jimjames

ACG wrote: »

Everything would need to align for that once in a lifetime event when I use them and even then I would probably start to get nervous and sweaty palms.

If it were a remortgage, under 3x income, 6 years worth of address and electoral roll history, no adverse, no kids, no debts, good stable jobs/employment history and the clients themselves ignored my preferences/please and the SVR rate I would use them.

Thankfully, as I tend to go after business with adverse that is unlikely to happen.

So it might be a possibility then

Curious about the comment about remortgage & no kids. Any reason why remortgage is possible but not mortgage? And relevance of kids to a BTL application?

ACG

BTLs wouldnt matter on the kids front... although saying that its accord so you never know.

Remortgage means there is no stress/hassle coming from a vendor/estate agent. If there are delays its not so much of an issue - especially if the client was aware that accord can be pedantic from the outset.

benjus

I managed to get an Accord mortgage earlier this year (just before MMR but they had already implemented many of the MMR changes) - I have a great credit and employment history, but do have a hefty maintenance bill for an ex-wife and 2 kids.

They questioned some weird stuff on bank statements, (e.g. a couple of £15 ish payments to a local health food store) and we had a bit of a drama when my solicitor merged with another firm when we were close to exchange, and Accord claimed it was a material change and would have to be re-evaluated under full MMR - fortunately they changed their minds.

So not a completely smooth ride, but not as bad as the general reaction on this thread would suggest. Of course, I don't know how hard a time my broker had...

izsushant

GMS wrote: »

How much rent per month?

Is the flat above/attached to commercial premises?

What is your income?

How many properties do you own?

- If it were a remortgage, under 3x income, 6 years worth of address and electoral roll history, no adverse, no kids, no debts, good stable jobs/employment history and the clients themselves ignored my preferences/please and the SVR rate I would use them.

- It is a remortgage, not sure what 3x income you are looking for, 10 years of addresses and electoral roll history, no adverse, no kids, no debt, stable job and employment history, and last bit is a maybe!

Thoughts appreciated.

izsushant

Senior_Paper_Monitor wrote: »

Not a bad mortgage for any broker - put 'free fee mortgage broker' into Google and 'bob's your uncle' (inc L&C) BUT ....

Make up your mind whether your are instructing them to proceed with Accord or you want advice as to "are there any better deals out there".

.... and I presume your case is as simple as you indicate ???

Just to clarify - I have no issue with paying for the advice.

But in this case, I don't think I am going to get any advice which will be offering a lower rate (and at the end of the day, the rate is the primary concern when locking in a mortgage for 5 years).

I will only find offers which are above the rate being offered by Accord and hence want to suss out whether it's worth it or not.

Would love for someone to point out a better offer but having spoken to a couple of people, I don't think it's around at the moment.

tvfreek

kingstreet wrote: »

As I've said in every Accord thread, I'm too concerned about a client getting stuck in a 5.99% SVR when their initial rate ends.

If the initial rate is 0.2% different for two or three years, but the lenders' SVR differs by 2% for 23 or more, the risk is difficult to justify, IMHO.

How many people are mortgage prisoners due to a change in circumstances...?

I couldn't agree more - typical SVR on BTL at the moment is less than 4.75% (I think!)At a time when interest rates are historically low the idea of a 6% SVR after product period ends is just too high and too much of a risk for a client.