Mortgages with "Accord"
Discussion
illmonkey said:
I wouldn't pay too much attention to the link above, it seems to be a site where all lenders get a slating.Sarnie said:
Intermediary arm of YBS, good rates, very pedantic/thorough...........
As I discovered just recently. Applied for a BTL mortgage on the last day the product was on offer. 3 weeks later they wanted me to jump through a whole load of new hoops after the initial application had been accepted.I gave up and went with Leeds BS instead. It was probably what they wanted me to do TBH.
caiss4 said:
As I discovered just recently. Applied for a BTL mortgage on the last day the product was on offer. 3 weeks later they wanted me to jump through a whole load of new hoops after the initial application had been accepted.
I gave up and went with Leeds BS instead. It was probably what they wanted me to do TBH.
Bizarrely, their BTL underwriting is even more thorough than their residential underwriting.I gave up and went with Leeds BS instead. It was probably what they wanted me to do TBH.
They are a good lender who we place a lot of business with but they aren't particularly flexible so if the case isn't 100% standard and straightforward, or you are in an immediate rush it might be worth the hit on the rate and go elsewhere.
We have ended up with them through our broker (completing next week)
Application to agreement in principle was lightning fast, and very reasonable time from that to formal offer following the valuation.
No complaints so far (other than the fact I didn't go through Sarnie for the mortgage
)
Application to agreement in principle was lightning fast, and very reasonable time from that to formal offer following the valuation.
No complaints so far (other than the fact I didn't go through Sarnie for the mortgage
)I had a mortgage meeting with a new advisor on Friday. Accord still come out among the best rates but he did say they were a nightmare to deal with and he's advising me away from them for what I need. I'm getting a house built in November so needed a MIP and he said the process is easier with other lenders.
toon10 said:
I had a mortgage meeting with a new advisor on Friday. Accord still come out among the best rates but he did say they were a nightmare to deal with and he's advising me away from them for what I need. I'm getting a house built in November so needed a MIP and he said the process is easier with other lenders.
Sounds more like HE doesn't want to deal with them. November is plenty of time to get your application through with them.....Sarnie said:
toon10 said:
I had a mortgage meeting with a new advisor on Friday. Accord still come out among the best rates but he did say they were a nightmare to deal with and he's advising me away from them for what I need. I'm getting a house built in November so needed a MIP and he said the process is easier with other lenders.
Sounds more like HE doesn't want to deal with them. November is plenty of time to get your application through with them.....illmonkey said:
No.
I only asked as they are fairly strong with Dividend income......they do not go by income multiples at all though so the "5x income" will not apply with them. They are entirely "affordability based" meaning that if you are single, with no debts, applying for a low LTV on a long term they will lend more that what would normally be expected. But, if you have a stay at home wife she will be classed as a dependent, they will make heavy deductions for children, will take huge deductions for ongoing credit commitments. They even take 50% of monthly payments that they find on your credit file even if you've already paid them off but they are still showing as balances on your credit file. They do the same even if you tell them that a credit commitment will be cleared before completion, as they assume you won't pay it off. They even take the highest amount that you've been overdrawn in the last three months and take that as a debt too....Sarnie said:
illmonkey said:
No.
I only asked as they are fairly strong with Dividend income......they do not go by income multiples at all though so the "5x income" will not apply with them. They are entirely "affordability based" meaning that if you are single, with no debts, applying for a low LTV on a long term they will lend more that what would normally be expected. But, if you have a stay at home wife she will be classed as a dependent, they will make heavy deductions for children, will take huge deductions for ongoing credit commitments. They even take 50% of monthly payments that they find on your credit file even if you've already paid them off but they are still showing as balances on your credit file. They do the same even if you tell them that a credit commitment will be cleared before completion, as they assume you won't pay it off. They even take the highest amount that you've been overdrawn in the last three months and take that as a debt too....Probably best off with a 'normal' lender.
I'm with Accord, and have been since 2007. I don't have a bad word to say about them to be honest. The affordability calculator worked in our favor (neither of us has/had debts, and both work) and so they were willing to lend us a higher sum than the others. This meant the difference between getting a house we liked and a house we loved. I guess there model of profiling applicants doesn't suit everyone, but it did us.
We have a standing over-payment set up, and that's reduced the term of our loan considerably, and if we do decide to move again within the next couple of years then I'd go with them again in a heartbeat.
Genuinely happy customer.
We have a standing over-payment set up, and that's reduced the term of our loan considerably, and if we do decide to move again within the next couple of years then I'd go with them again in a heartbeat.
Genuinely happy customer.
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