accord versus nationwide

missma

Hi
We are buying new build with 20 % deposit, so borrowing 161500 over 25 years.

Just looking bit of advice, as we are buying new build need a mortgage that offer lasts 6 months. We were applying with accord at a rate of 2.54% for 3 year fixed however this then goes up to 5.79% s v r. However we have just realised 3 year term starts from when you apply like now. Fees in total about 1350.

Other option is 3 year fixed with Nationwide, I think there fees are less, rate is 3.24% fixed for 3 years from starting mortgage payments then 3.99% when come out of 3 year term.

I am due to go on maternity leave start of February and we also will need to move into short term rental end of month due to house sale. Mortgage advisor has suggested we 're direct mail. Is it worth paying higher now in case rates go up as 5.99 high.

Also how long does this process take are current mortgage is with accord.

ACG

That isnt even a tricky question.
I would not touch accord with a barge pole.

missma

Because of rate? Or company?

missma

Property is in northern ireland so think this limits us somewhat

ACG

I value my health.
I dont even know where to begin with them, they want blood, things that are unnecessary, its never simple, takes their time, dont seem to get straight forward replies to straight forward questions... I could go on.

tvfreek

Wouldn't call Accord if they were the ONLY lender on the list.

amnblog

Just to balance things up - plenty of brokers deal with Accord regularly and have no problem with them - their headline rates are competitive.


Things that tend to put brokers off are the high standard variable rates once the product offer ends (current 5.79%) and often tricky and maddening underwriting.


As with all lenders, if you deal with them regularly the underwriting difficulties become easier to overcome.


The best place to get advice on the preferable option is your own broker who knows your situation.


[For the record - this view is based on brokers we know who use Accord regularly - we do not]

Paully232000

Just to give the other side of the accord dilemma. We have a mortgage with accord 5 yr fixed rate mortgage (our second 5 yr fix with them) and yes they ask for a lot of information, but on reflection as a buyer, not a broker, nothing unreasonable.

They also stated on their website at the time (1 year ago) that an application would take 30 days from paperwork being sent by broker to offer, and it took exactly 30 days to the day.

missma

Yea our current mortgage is with Accord it was fixed and then we got stuck with them due to property devaluing think we care currently paying 5.79% due to not changing due to little equity and also planning to move.

What is nationwide like as a lender?
I think are broker recommended accord to keep our payments down initially, however we now are somewhat put off as term starts now when apply, not when mortgage starts.

Stressed as going on maternity leave in about a month and hoping this does not complicate things, have savings to cover mortgage payments. Also would temporary address pose difficulties even if we apply now before move.

Thanks so much

Paully232000

When we moved (albeit things have changed now) my other half was on maternity leave at the time of moving and didn't complicate it too much.
If i remember rightly we had to show pay through mat leave and write letter stating when going back to work and what pay would be then. Don't think we had to have a letter from employer.

missma

Yea hoping that if we apply now maternity leave should not affect things to much