Fee free accord mortgage broker

ACG

9 story block and not owning your own property could be an issue.
Is the block local/ex local authority or is it predominantly owned?

Does it have a lift?

Not owning your own residential property can be an issue with some lenders - im not sure if Accord are one of them.

Do you declare the rental income? As in do you pay tax on it? If not, its probably not one for Accord.

GMS

It is outside of Accord criteria:-

Must be self-contained with private facilities and have direct access to the highway via covered common parts.
The following flats are unacceptable property types:

• Ex council Right to Buy flats
• MOD flats
• Freehold flats and maisonettes.
• Studio / bedsits
• Flats located in blocks above 6 stories

Best to find a broker and let them find the lender.

izsushant

ACG wrote: »

9 story block and not owning your own property could be an issue.
Is the block local/ex local authority or is it predominantly owned?

Does it have a lift?

Not owning your own residential property can be an issue with some lenders - im not sure if Accord are one of them.

Do you declare the rental income? As in do you pay tax on it? If not, its probably not one for Accord.

Not local/exlocal. Has a lift. Rental income is declared although the flat has only been let out in Feb so full year isn't in yet.

izsushant

GMS wrote: »

It is outside of Accord criteria:-

Must be self-contained with private facilities and have direct access to the highway via covered common parts.
The following flats are unacceptable property types:

• Ex council Right to Buy flats
• MOD flats
• Freehold flats and maisonettes.
• Studio / bedsits
• Flats located in blocks above 6 stories

Best to find a broker and let them find the lender.

Thanks. Found that!

izsushant

Is Godiva (Coventry BS Buy to Let arm) any better?

ACG

GMS wrote: »

It is outside of Accord criteria:-

Must be self-contained with private facilities and have direct access to the highway via covered common parts.
The following flats are unacceptable property types:

• Ex council Right to Buy flats
• MOD flats
• Freehold flats and maisonettes.
• Studio / bedsits
• Flats located in blocks above 6 stories

Best to find a broker and let them find the lender.

I dont want to be one of those people that say you should use a broker but this is exactly why its not a bad idea.

We do research which is more thorough and just what is the cheapest deal.

jimjames

izsushant wrote: »

Not local/exlocal. Has a lift. Rental income is declared although the flat has only been let out in Feb so full year isn't in yet.

This was the criteria I found. They want at least 12 months ownership of existing BTL.

http://www.accordmortgages.com/btl/documents/ACCM0347BTL-criteria-factsheet.pdf

The broker I found has agreed to work on application to Accord for their standard fee but has warned they can be slow.

Lots of fairly stringent criteria in their list but for someone that meets all of them I think it's worth the risk for the saving over the 5 year fix. I'm guessing the rates are so good because they are so selective who they lend to so can pick and choose best prospects.

kingstreet

ACG wrote: »

I dont want to be one of those people that say you should use a broker but this is exactly why its not a bad idea.

We do research which is more thorough and just what is the cheapest deal.

Quite. Establishing the lender will actually lend is the primary function of a broker.

People seem to think the job is about finding something 0.2% a year cheaper, when most of the time those looking for that will be doing it themselves.

koexelek

GMS wrote: »

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

It speaks volumes that hardly any of us brokers would risk placing our own mortgage with Accord, even if is was the best deal on the market.... and we supposedly know what we are doing

JPB123

ACG wrote: »

(They have names for people that like torture dont they?).

Yep.....Married!!!!!

I am an Independent Mortgage Advisor


You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.