Additional Loans

We pay 0.30% of the loan provided that an intermediary acting on behalf of the borrower sends a completed application form to us and the loan is £5,000 or above. No procuration fee is paid if the borrower approaches Accord directly.

Refer to product guide.

Depends on LTV, check criteria section of relevant Product Guide but note the maximum loan is calculated as a total of ALL secured loans on the property.

85%. Where the additional borrowing is for home improvements, the maximum LTV may exceed 85% of the current valuation providing the additional loan and existing loan(s)does not exceed 85% LTV of the gross/future value.

Examples include:

• Home improvements e.g. extension, double glazing, new fitted kitchen etc.
• Purchase a joint borrower's interest in the property.
• Capital raising (except business purposes)
• To purchase the freehold of the borrower's property

A non refundable mortgage application processing fee, currently £130, is payable in all cases.

A non-refundable £70 revaluation fee may be payable on Additional Loan applications. Please contact us to check if this will apply.

Payable where the total loan including the Additional Loan exceeds 75% LTV. Check our fees page for details of this charge.

• No arrears on the account in the last 12 months or the account must have been open for at least 6 months and conducted satisfactorily. If the account does not meet these requirements please contact us to discuss any options.
• Loan purpose is acceptable to us.
• Loan meets our lending criteria.
  All additional loans will be agreed only on a capital and interest repayment basis for the entire additional loan.
  

Home improvements:

• For structural changes, a copy of the plans and planning approval and estimates for the work.
• For non-structural changes copies of estimates for the work.

• A KFI must be provided to the client(s).
• Download and print an application form AFTER a KFI has been produced.

• The new Loan to Value of the property will be calculated using the latest valuation we have on record and the loan total (i.e. existing loan(s) plus new Additional Loan)
• Where the total borrowing, including the Additional Loan, is below 85% of the current value of the property (i.e. before any work is carried out) the money can be released as soon as your client's loan is approved.
• If the loan is for home improvement and the total LTV is above the maximum LTV for the relevant category (i.e. the value of the property will be increased by the improvements) then contractor's estimates are required prior to the release of funds. In this case, a final inspection is required and the fee of £35 is payable by the borrower.

Offset and non-offset products cannot be mixed:

• If the original loan is offset, the Additional Loan must be offset.
• If the original loan is non-offset, the Additional Loan must be non-offset.