Accord mortgages - freaking out

No41edwardianhouse

Hello all. Looking for advice. We are accord Mortgages customers already and have recently applied to port our mortgage and add additional lending to buy a bigger property. We have been accord customers for the past 6 years and have a squeaky clean record with them. However, I am freaking out and here is why:
- my partner is self employed and took the self employment grants during lockdown. He also took out a bounce back loan. He hasn’t spent a penny of the bounce back loan and intends to pay it off. His business (theatre industry) has recovered exceptionally well and his accountant has written the accord reference papers for him.
- I am on maternity leave from work at the moment and will go back in May on 4 days a week. Accord know this and have asked for my payslip from before I went on leave. They also have a letter from my employer stating my return salary on 4 days a week. 

- mortgage broker says we are still within affordability and that the maternity leave will be fine
- I have two missed payments on a rather annoying PayPal credit account - one for £50 and one for £120 - basically PayPal messed up and had the wrong emails for my statements so I didn’t get them. Other than that, my credit history is extremely good without any missed payments on anything. We have HP for a car (no missed payments) and a second mortgage (no missed payments). 

- LTV will be 80%

I’m just having a slight freak out as accord got the application middle of last week and we’ve not heard anything since! Mortgage broker is brilliant but worried as I can’t contact them over the weekend. Help! 

ACG

What did the broker tell you their turn around times would be? 
I do not use Accord massively, but I do quite like them as a lender, I am just not a fan of their application system - but thats a brokers problem. 

The maternity leave, they are quite relaxed compared to most lenders. 
The late payments, if a problem would have been picked up at DIP stage.

The fact you have heard nothing just means they have not looked at it yet. The alternative would be that they had looked at it and thought "no chance" but they dont want to hurt your feelings so just leave you hanging... (that sounded funny in my head but might sound a bit sarky when reading it). 

No41edwardianhouse

ACG said:

What did the broker tell you their turn around times would be? 
I do not use Accord massively, but I do quite like them as a lender, I am just not a fan of their application system - but thats a brokers problem. 

The maternity leave, they are quite relaxed compared to most lenders. 
The late payments, if a problem would have been picked up at DIP stage.

The fact you have heard nothing just means they have not looked at it yet. The alternative would be that they had looked at it and thought "no chance" but they dont want to hurt your feelings so just leave you hanging... (that sounded funny in my head but might sound a bit sarky when reading it). 

Apparently they are processing on a 2 working day turnaround to look at the application. Application was submitted last Wednesday.

how will we know if we have passed DIP stage? 

No41edwardianhouse

Any other views on this? 

ACG

2 working days. Give them monday before you start worrying, the 2 working days is there or there abouts. 
The broker would not have submitted the application if you did not pass the DIP. 

[Deleted User]

*could not have submitted the application without a passed DIP. 

New system doesn't allow it.

Everything sounds fine so far

No41edwardianhouse

Deleted_User said:

*could not have submitted the application without a passed DIP. 

New system doesn't allow it.

Everything sounds fine so far

Even if it’s a porting mortgage application with additional lending? I’ve been led to believe that’s a paper based application??

[Deleted User]

Oops yes i skim read that bit.  Still same once it gets to underwriter though as they rekey it on to the system so once you get initial contact you'll know its on the home straight

Good luck

No41edwardianhouse

Deleted_User said:

Oops yes i skim read that bit.  Still same once it gets to underwriter though as they rekey it on to the system so once you get initial contact you'll know its on the home straight

Good luck

Thanks very much. Feeling a bit better. I’m a bit of a control freak 🤣🤣 just want it done! 

No41edwardianhouse

@Deleted_User - so mortgage broker emailed me this afternoon. Accord have now queried 4 transactions on our statement. Two incoming transactions from family members paying us things back we paid for over Christmas and one from our dog Walker! The final payment is a regular payment my sister makes to me as we have a joint mortgage together and I pay the full amount. Obviously don’t want to disturb the mortgage broker on a Sunday but this has worried us! 

What’s that all about? Any help gratefully received. 

[Deleted User]

That's really good as its obviously passed all the automated checks and just on the normal pedantic accord stuff.

The xmas things might be to check its not an undeclared gift for the house move.  And maybe the sister one to check if you have any other bank accounts you haven't declared. 

Accord do tend to query bank statements more than most lenders so this is completely normal part of the process