Buy to Let existing customers
In this section you'll find useful information relating to your Accord Mortgages Buy to Let mortgage
Affordability
We assessed the affordability of your mortgage based on the expected monthly income generated from letting the property to a tenant. The actual income generated may be different and can be influenced over time by changes within the rental market. You will remain responsible for meeting the costs of your mortgage and the additional costs associated with letting your property for the duration of your ownership.
If you cannot pay your Buy to Let mortgage
What we will do if you're having problems paying your mortgage?
Your Buy to Let property may be repossessed if you do not keep up repayments on your mortgage. Alternatively, a receiver may be appointed to receive the rent and/or to sell the property. After sale, you will remain responsible for the payment of any mortgage shortfall debt.
If you are having trouble making your Buy to Let mortgage payments, please contact our Customer Management Team on 0345 848 0225, we are open 8am to 8pm Monday to Thursday, 8am to 6pm Friday and 9am to 1pm Saturday. Our staff are trained to deal with payment difficulties, and have lots of experience in helping customers. By discussing your circumstances with you, we may be able to offer help.
What will we do to help you?
If you haven't already been in touch with us, we will contact you to discuss your situation.
We will consider your circumstances and may be able to:
- Arrange a new payment plan with you that will suit both of us
- Change the way you make your payments, or the date you make them
- Allow you to pay your mortgage over a longer period of time if your mortgage was originally set up on a repayment basis (to reduce your monthly payments)
- Temporarily change the type of mortgage you have (e.g. If you are on a repayment mortgage you could switch to interest-only)
We will provide you with full details on how these options work and give you time to consider any changes. If we can't offer you any of these options we will explain why.
We will only appoint a receiver of rent and / or start proceedings to repossess your property if we cannot solve the problem with you.
What can you do to help?
Let us know straight away if you are having problems paying your Buy to Let mortgage or think that you might experience problems in the near future.
Costs and Charges
If you are in arrears, we may charge you for administration or legal costs we incur. You will be informed about all charges which we make. These will be charged to the mortgage account.
What happens if we repossess your property?
- We will sell it for the best price we can reasonably get. We will try and sell it as quickly as possible
- We will use the money raised from selling the property to repay the mortgage and any other loans or charges
- If there is any money left over, we will pay it to you.
What happens if selling your property does not raise enough money to pay off the mortgage?
- If there is still not enough money from the sale to repay the whole of the mortgage, you will still owe us the amount that is left (this is known as a shortfall debt). We will tell you how much this is as soon as possible
- Everyone named on the mortgage is responsible for all the money borrowed. This is true even if you normally only pay part of the mortgage.
- We will take account of your income and outgoings when we arrange a payment plan for this shortfall debt with you. But if we cannot arrange a suitable plan, we may have to go to court to get our money back by selling your property. You may have to pay additional court costs as a result.
- If a shortfall debt is not paid, it could affect whether you are able to get credit in the future.
What happens if you hand your keys over to us?
Even if you decide to hand your keys back to us, you will still be responsible for paying the mortgage until the property is sold.
If your property sells for less than you owe, your mortgage won't be fully repaid and you will still owe us the amount that is left. Please discuss this option with us before taking such action.
Complaints
Accord Mortgages is committed to providing an exceptional standard of service to you. If, for any reason, you are not entirely satisfied with any aspect of the service you receive, we want to hear from you so we can put it right.
You can contact us in writing on the address below:
Customer Services
Accord Mortgages
PO Box 869
Newport
NP20 9GY
Or, call us on 0345 848 0224.
Details of our complaints procedure are set out in the Handling Your Complaint Leaflet. Details of the Financial Ombudsman Service are set out on the Financial Ombudsman Service Website.
A copy of the Financial Ombudsman complaints leaflet will be sent along with our response to your complaint.
Useful links for landlords
Trade bodies:
The National Landlords Association (NLA) - 020 7840 8900 www.landlords.org.uk
The Residential Landlords Association (RLA) - 03330 142998 www.rla.org.uk
The Association of Residential Letting Agents (ARLA) - 0845 250 6001 www.arla.co.uk
National Approved Letting Scheme: www.nalscheme.co.uk
Royal Institution of Chartered Surveyors: www.rics.org/uk
SAFEagent: www.safeagents.co.uk
UK Association of Letting Agents: www.ukala.org.uk
Health and safety:
Electrical Safety Council: www.esc.org.uk
Find a Gas Safe Registered Engineer: www.gassaferegister.co.uk
Government legislation: www.gov.uk
Deposit protection schemes:
Mydeposits: www.mydeposits.co.uk
The Deposit Protection Service: www.depositprotection.com
The Dispute Service: www.tds.gb.com
Tax:
HMRC: www.hmrc.gov.uk