Existing Borrower Transfers
Information on this page is for intermediaries only. If you're an Existing Accord borrower read more here.
We are now working with selected lending partners, please refer to your network to check if you are registered to do business with us.
The products available to your clients depend on their payment history with us.
Credit Repair clients may be eligible for a Prime Product transfer. Find out more.
Selected products are also available for existing borrowers that fall into a business category where Accord is not currently lending, e.g. 95% LTV+. Check our guides for more information.
Our transfer process is straightforward
- Find out your clients' mortgage balance any time - just log in and input the account number.
- Then simply make a note of the balance and proceed to KFI.
- Once you're ready to proceed, fill in our simple form to request a transfer offer.
| When transfers can be submitted |
You can submit a Transfer Request form up to 90 days before the product period end date. If your client has not accepted a KFI offer from Accord 42 days or 6 weeks before maturity, we write to the borrower directly outlining the ways in which they can apply for a new product. |
|---|---|
| Accepting the offer |
Your client/s must return the signed acceptance within 14 days from the date the offer is issued to secure the product. If the offer has not been accepted by day 14, the offer will expire and a new one must be requested. Any products withdrawn in the 14 day period from offer will therefore not be available if not accepted within this time. The transfer will take place at the product expiry date to avoid early repayment charges, unless specifically requested otherwise. |
| Procuration fee | Accord does not pay procuration fees on Existing Borrower Transfer products. |
| Interest Only | If your client currently has any part of their mortgage on an Interest Only basis, as part of the transfer process we will contact them directly to check that they are happy that their repayment strategy is on track to repay their loan. |
| Eligibility |
|
| Self Certification |
If your client has a self-certification product and meets the eligibility criteria above, plus they can now prove their income, then they may apply for a full status product. If your client has a self-certification product and meets the eligibility criteria above but cannot prove their income, then they may apply for a transfer to a self-certification product, (subject to availability). |
| Term |
The part(s) of your client's mortgage account being transferred must have a remaining term of at least the same as the new mortgage product term, i.e. a 5 year product can be taken if the remaining term on the part(s) your client wishes to transfer is 5 years or more. |
| Early Repayment Charges |
Your client's mortgage statement will show whether they are still within an early repayment charge (ERC) period on any part of their mortgage, these charges apply in the event of a Product Transfer. If the ERC period ends within the next 90 days, you can apply for a transfer on behalf of your client now but it will not take place until after the ERC period has ended, unless your client agrees to pay the charge. Any early repayment charges applicable to the existing mortgage product must be paid on completion of the transfer. |
| Credit Repair Guarantee |
Credit Repair borrowers who have made all their payments on time and in full in the last 24 months will be eligible for our Existing Borrower Transfer products when the initial period ends (subject to criteria). Read our Credit Repair Guarantee client information. |
| LTV Product Selection | The product selected must be applicable to the borrowers LTV, ie a 85% product cannot be selected for a client with 90%+ LTV. |
| Revaluation Fee |
Our Existing Borrower Transfer product range now takes into account your client's mortgage balance compared to the estimated value of their property. We calculate this estimated value by using our House Price Index, which is recalculated every quarter. This is the figure we use when assessing your client's eligibility for our products unless your client requests a revaluation. Your client can request a revaluation of their property to asceratin the current LTV, if they believe their property's actual current value is different to the estimated valuation on our records. Please note that by requesting a revaluation your client is not reserving any of our mortgage products or interest rates. Products can be withdrawn at any time and your client will only be able to choose from the range available once their current valuation is confirmed. If a re-valuation is required, a non-refundable fee £70 is payable. This fee is payable upfront on request of a re-valuation. This can be paid by credit/debit card over the phone. |
| Offset / non-offset |
Offset and non-offset products cannot be mixed: If your client has more than one part to their mortgage then all parts must be either Offset products or non Offset products. |