Likelihood of getting an extension - Accord

BertieN

Hi. We sold our house and exchanged for a new built home. Building works are potentially delayed which means I'll have to ask Accord for an extension. It is the first time I will have to ask for one. 

How likely is it they will grant it and what are the odds of them looking again at my application and potentially reassessing? My credit file has not changed since applying, save for the now paid mortgage from the previous house, but it is not in great shape and I found excruciating the whole application process the first time around. 

Thanks 

K_S

@bertieN Accord's new build offers are valid for 6 months and can be reissued for another 6 months. Usually the broker has to call them and they'll let us know what's needed for it to be reissued.

There is likely to be some form of "application refresh" but you'll have to wait for them to come back for the extent of it. If your circumstances haven't changed, it should be ok.

BertieN

So, my mortgage expires end of Apr so wasn't allowed to ask for the extension before.

Mortgage adviser stated all they need is payslips and bank statements. My salary has not been reduced and I have not taken any new debt. However, I am seriously worried at the prospect of them declining the extension due to one missed payment.

We have already exchanged and have legal obligation to purchase it. I will try to press on with the current offer, but chances are building works will finish a week prior to expiry and inspections/utilities will still take another 2 weeks. I don't know if the solicitor will want to draw funds prior to it. Of course that means paying interest for the extra time but at least I can count on the purchase.

Ideally I'd like the extension to go ahead but something tells me it's not a done deal and I'll be quite anxious.

Does anybody know how long they take to decide?
Even if they say no, will they still honour the original offer or will they cancel it if the extension is unsuccessful? 

K_S

@bertien Even though Accord's published criteria says "Unsecured credit: no missed payments within the last 24 months", they're quite reasonable in practice and don't blanket decline on an otherwise strong case like some other mainstream lenders might. In any case, that's only if Accord actually pick it up.

BertieN

Thank you @K_S. I did have a couple of missed payments in the past and the original application went through no problem. I can only hope to be successful this time around as well.

It is excruciating the whole process. Particularly with an already exchanged buy, too much at stake.

If anybody else has any experience with Accord, it would be greatly appreciated. Otherwise, I'll just wait for the process to complete.

K_S

BertieN said:

Thank you @K_S. I did have a couple of missed payments in the past and the original application went through no problem. I can only hope to be successful this time around as well.
It is excruciating the whole process. Particularly with an already exchanged buy, too much at stake.
If anybody else has any experience with Accord, it would be greatly appreciated. Otherwise, I'll just wait for the process to complete.

@bertieN I use Accord a lot and on the positive side you are with a lender who actually uses a bit of common sense when underwriting applications so hopefully it'll all go through fine. All the best!