Reviewing Accord Mortgages

The maximum loan amount offered by Accord Mortgages is based on income and a review of your outgoings. For those with an income over £60,000, the maximum is 5x income before tax. For those with an income below £60,000, the maximum is 4.48x income before tax. A mortgage calculator on their website can provide an estimate of how much you may be able to borrow and the maximum mortgage term

On average, Accord Mortgages takes around 13 days to process a successful mortgage application, according to data from YesCanDo Money statistics. This is faster than the industry average. However, it is important to note that the speed of the application process can vary depending on individual circumstances and the lender’s current performance. In some cases, mortgage applications may be approved within 24 hours, while others may take several weeks or months. Additionally, the quality of the mortgage application submitted may also impact the processing time. Therefore, the average processing time should be taken as a general estimate and not a guarantee of the time it will take for an individual’s application to be processed.

With Accord Mortgages, the amount of mortgage you can apply for is determined through an affordability assessment. This looks closely at your income as well as any other financial commitments or expenses that will affect how much you could borrow.

Through this assessment, you can get up to 5.5 times your annual income if it exceeds £70,000 or 4.49 times for those earning below that amount. Your borrowing capability and interest rate will depend on the deposit size as well; typically larger deposits are required when taking out higher-risk loans such as large amounts of money or new homes which reduces the total loan-to-value (LTV). For instance, with a 5% deposit (95% LTV), one could acquire a maximum loan sum of £600,000.

To stay informed on the most current deals, it is best to speak with a mortgage broker as rates can change frequently. If you don’t have a broker, consider using YesCanDo Money for independent, fee-free whole-market mortgage advice, including options from Accord Mortgages.

For instance, at the time of writing, you can find the following interest rates:

• 2-year fixed rate at 5.65% at 75% LTV with a product fee of £995
• 5-year fixed rate at 5.56% at 90% LTV with a product fee of £995
• 2-year fixed rate offset at 5.95% at 75% LTV with a product fee of £995
• 2-year discounted standard variable at 4.39% at 85% LTV with a product fee of £995

After the promotional period, you will be subject to Accord Mortgages’ current standard variable rate of 5.89% (as of November 6th 2022). This discounted rate is likely to fluctuate over your loan term, so speak to our mortgage team about the current best available rates.

When you take out a mortgage with Accord Mortgages, the two main fees are product fee and valuation fee. Your broker should alert you to this cost ranging from £0-£1,845 depending on your specific loan plan. You can then select whether to pay upfront or add it into the total amount of your loan.

To ensure your property is valued correctly, Accord Mortgages will conduct an assessment. This fee varies from £115 for properties worth up to £100,000 and extends to a maximum of £530 for homes costing up to one million pounds. It should be noted that this evaluation cost does not cover any homebuyer’s report or structural survey fees required separately.

It’s worth noting that Accord does offer a no-valuation fee incentive on most remortgages.

As a borrower, you are given the option to overpay up to 10% of your mortgage balance each year without having to suffer any early repayment charges. Should you decide to pay off the loan or change your mortgage before its scheduled end date, however, it is important that you research the percentage amount associated with your specific product as many products have varying amounts for their early repayment charge. Make sure that you consult with an experienced broker prior to settling into a deal so that all potential costs can be discussed and accounted for!

If you’re an existing Accord Mortgages client, then certain products in their range can be easily “ported” – meaning that when you move house, the mortgage and any early repayment charge are moved with you. If a revaluation is required, there’s only a £70 fee to pay. Ask your broker if this feature may benefit you!