Accord Mortgage Experiences

Owlseyes

Hi All, we are in the process of applying for a mortgage with Accord. Our mortgage broker gave us a mortgage certificate with a maximum amount on it (I assume this was an AIP/DIP from Accord). She then submitted our full mortgage application with Accord Friday 7th May for the maximum amount, the hard search on our credit profiles was done the same day and the valuation booked the same day to be carried out this Thursday the 13th May. I was wondering what others experiences have been at obtaining a mortgage through Accord for the maximum amount they could apply for? Have you had mortgage offers drastically below what you have applied for? Fingers crossed for a good offer next week and a nervous wait here!

K_S

@owlseyes If you're past the initial assessment (it looks like it from your post) and there have been no further queries, then the signs are positive with regard to your concerns.

Normally, they only "remodel" affordability numbers after submission if there is high background debt and/or it's a high-LTV application.

Owlseyes

Thanks that sounds positive! We do have some debts but we will be paying them back on completion out of our equity. We also have just over a 15% deposit so hopefully that goes in our favour. I have no concerns with the valuation on the house, I’d be shocked if they thought it was worth less than what we’ve offered or if they found any other concerns with it so it’s just us meeting their affordability criteria that concerned me, although we still manage to save a good deal every month and the new monthly mortgage payment would actually be less than what we pay on our current mortgage and debts combined (which we won’t have after completion).

superblade

We're currently just in front of you with Accord, full application submitted on the 4th May, valuation was arranged for today so hopefully hear more tomorrow!

Owlseyes

Exciting and nerve wracking at the same time isn’t it! I have my fingers crossed for you! I’m also hoping to hear the day after valuation, I’m thinking that the mortgage broker should be able to see how it all went 🤔 hopefully anyway as I’m not sure I can go through another weekend of waiting, let me know how you get on!

Kacey0

I have a application in with accord too my broker said he made full application 05/05/21 he came back to me on the 08/05/2021 and asked for bank statement, 4 payslips, tax overview and SA302. The hard search was also carried out the 08/05/21. I have had no info on valuation, how did you find out a valuation had been instructed? Have you been asked for any documentation? 

superblade

Kacey0 said:

I have a application in with accord too my broker said he made full application 05/05/21 he came back to me on the 08/05/2021 and asked for bank statement, 4 payslips, tax overview and SA302. The hard search was also carried out the 08/05/21. I have had no info on valuation, how did you find out a valuation had been instructed? Have you been asked for any documentation? 

My application went in on the 4th, they asked for copies of invoices on the 5th (I'm a day rate contractor). Spoke with Mortgage Broker yesterday who said the Valuation was being carried out today (10th) but can take up to 2 working days to complete the report. 

Get in touch with your MB and ask them for an update - I think most of it is on the Accord portal so they should be able to see where it is in the process on there.

superblade

Owlseyes said:

Exciting and nerve wracking at the same time isn’t it! I have my fingers crossed for you! I’m also hoping to hear the day after valuation, I’m thinking that the mortgage broker should be able to see how it all went 🤔 hopefully anyway as I’m not sure I can go through another weekend of waiting, let me know how you get on!

Very much so! I'm not patient at the best of times!

Owlseyes

My mortgage broker phoned me to let me know that the valuation had been booked.

We haven’t been asked for anymore documents (yet!), my partner is on an annual salary and I am on an annual salary with shift allowance and weekend enhancement, but I get the same amounts every month they don’t change unless I amend my shift pattern. We had to give 3 months bank statements, 3 months payslips and our P60’s. My overtime has been included as well, although I’m not sure how they’ve worked it out as only two of my payslips were showing with overtime and over the last year I’ve earned a lot more in overtime than what those payslips suggest.

I am also generally not a patient person! Once I know the mortgage is secure I will be that annoying nagging client to the estate agent and solicitor 😆

K_S

Kacey0 said:

I have a application in with accord too my broker said he made full application 05/05/21 he came back to me on the 08/05/2021 and asked for bank statement, 4 payslips, tax overview and SA302. The hard search was also carried out the 08/05/21. I have had no info on valuation, how did you find out a valuation had been instructed? Have you been asked for any documentation? 

@kacey0 The broker gets an email with the date when the valuation is booked. At that point I usually drop an email to the client letting them know of the same.

Kacey0

My brokers has just advised valuation has been instructed, the wait continues. 

Hopefully you both have a response soon then it gives me idea of how long it takes after valuation.