Accord Mortgages - end of fixed rate??

msc1977

Hi - i was wondering if anyone has any experience of having a mortgage with Accord and what happens at the end of the fixed rate period....we have a very nice fixed rate of 4.73% which expire in Jan 09. I know there are very few rates around like this now (if any) and we are prepared for a bit of a hike in payment however since taking this fixed rate 3 years ago i have had to take quite a drop in salary and as a result our credit rating isnt too hot...we dont have any arrears on anything but the odd payment here and there has been late and i'm concerned in case Accord insist on a new credit check before we can look at another fixed rate with them...i dont really want to go through applications with other companies and have been happy with their service. Our previous lender just renewed our fixed rate without further checks etc but i cant seem to get an answer from Accord as to whether this may be possible.....if anyone has any knowledge that would be great.

msc

poppy10_2

If it's the same lender they normally don't do a new credit check.

TwelfthMan

As long as you have conducted your account satisfactorily and dont require further borrowing, you will be able to do a product transfer with Accord without any further underwriting.

msc1977

TwelfthMan
Thanks for your response. One thing we are really hot on is our mortgage payments and in 6 years we have never had a late or missed DD payment, we do not require any further funds. Do you think it will just be products on the website that would be offered or might they have any 'offers' that we may not know about till they contact us....? Their current rates are really high in comparison...thanks msc

msc1977

i have just checked the accord website and notice that their new rates launched today are much much higher - does anyone know if they have a different set of rates for people who are coming to the end of a fixed rate and want to stay with them or are the available options just from there current product guides? i know we are a way off our fixed rate ending just yet (Jan 2009) but i'd like to keep an idea of whats happening and what may be available and i'm not sure if the website is the best indicator...can anyone advise? thanks

msc1977

does anyone have any ideas about this...? thanks

MortgageMamma

AFAIA Accord do not have seperate customer retention deals and you will only be eligible for those deals on the website. I am not 100% certain about this but seem to recall my local business development manager from Accord saying this about two years ago. Unfortunately, Accord are not as competitive as they used to be a couple of years ago. The BDM says its because they have a set amount of funds which they can allocated to mortgage lending this year, and they price their products so that these funds don't become oversubscribed too soon. I feel that if you have not missed any mortgage payments and can keep up wiht your commitments between now and January 09 then you have a realistic chance of getting with another prime high street lender. If thats not an option then lets hope Accord get more competitive by January 09.

No point worrying about it just now though, there is a long time to go yet and the mortgage market is so volatile at the moment its almost impossible to predict where we will be in January 09.

simplymyeye

Accords current rates are listed online however these change each month. As long as you dont need any further borrowing and keep up with your repayments you will be offered a rate as shown online from their prime range. However i have spoken to someone today who said if you are unlucky enough to have a 95% mortgage at the moment then they cant help....... However if your renewal is Jan 09 start looking November time to see what they are offering if they arent competative then look elsewhere. Mine is up for renewal Feb 09 but we have 95% so i just hope the market sorts itself out by then.

msc1977

simplymyeye

thanks for the info - i'm not sure at what %age our mortgage is to be honest.

when we took the deal i think we took about 90% (approx 96k on property value then of approx 106k) Our property has been worth as much as £118k in the last 18 months but realistically now i guess its more like 110/112k.

Would Accord use the original loan to value %age or the current one as surely this would involve a new valuation etc?

thanks

Gloster_Advise

msc1977

As i have mentioned on other posts here, Accord are a very flexible lender. Albeit currently their rates are not the best. It does depend what they will transfer you on to as your LTV does seem quite high. Here them out first and then see what else is around. No further income detials of valuation with Accord and they may use a desk top valuation (not a real person) so you may get away with a £115-£120 val.

Regards
Si

Charlton_King

Can anyone give a link to the current Accord rates webpage mentioned by MSC1977?

I've looked on their site and can't find it.