Accord Mortgages question

Charlton_King

I am roughly half way through a three year fixed with them.

It's a long way to go still but forewarned is forearmed.

Does anyone know whether this company is halfway reasonable on retention deals?

Gloster_Advise

HI charlton King

Accord offer an "Existing borrower Tranfser" when you come to the end of your 3 year term. This can be very good if you took one of their adverse products as they would transfer you to their prime lending should you have made all payments on time throguhout the 3 years.

A good lender in all in my opinion.:T

Charlton_King

Hi Gloster. Have sent you a pm asking for clarification. What's 'adverse' and what's 'prime lending'?

Take pity on a poor guy who hasn't the time to investigate brokerspeak!!

Markyt

There are different categories of lending. The best category is 'prime' - those people get the best rates. You might get sub-divisions within that, but basically they are all low risk customers with a good credit history.

Below prime is generally those with adverse history (sub-prime) - missed payments, arrears, loan defaults, ccj's etc etc. There are different levels again, and again the products you are offered depend on which layer you fall into.

Accord pitches its business at people with adverse history, and aims and prices its products accordingly. It is possible, however, that having made regular payments on time and not got into more bother, you move up the scale - even to the point where you become 'prime'.

Pooky23

I've had my mortgage with Accord for 4 years now. In March 07 I came to the end of a 3 year discounted rate and did an existing borrower transfer onto a 5 year fixed rate. I think there was a booking fee of around £695 which we paid up front (although they would have added it to the loan if we wanted). We got a 5 year fix at 5.35%. I believe we would be considered "prime", no defaults, late payments, ccj's etc. Always been really happy with Accord and will consider a new deal with them when our current one comes to the end. Incidentally we did look around before plumping to go with Accord for the new deal but the booking fees were so high and we would have needed a new valuation etc, it didn't seem worth it.

Charlton_King

Very grateful for these responses.

Markyt

NB I've used the phrase 'sub prime' above in a different to way to the way it has been thrown about a lot lately. It does not neccessarily mean high risk / dodgy applicants / problem mortgage, as some seem to believe. It may just be that the applicants credit score is not in the top 10% (or whatever level the lender sets the cut off at), and this can be for a number of reasons (worked abroad, little credit history etc).