Your guide to Accord for intermediaries

Intermediaries in the United Kingdom help connect people who want to borrow money for a home with the right bank or mortgage company. These intermediaries (or mortgage brokers) use their knowledge and connections to find the best mortgage options for their clients. By working closely with lenders, intermediaries can access a wide array of loan types and mortgage products with fair interest rates.

With this, partnering with innovative lenders like Accord Mortgages gives such benefit to mortgage brokers in the UK. Their technology-driven solutions allow intermediaries to meet the specific needs of every buyer. Brokers can also guide their clients better through each mortgage transaction and secure excellent deals with this lender.

In this article, Mortgage Introducer will explore how Accord Mortgages can help mortgage brokers in the UK with their simple but effective mortgage processes and competitive broker-centric products. We will also highlight some of these services and Accord Mortgages’ eligibility criteria.

Introduction to Accord Mortgages

Accord Mortgages is an intermediary-only lender in the UK that provides mortgage programs to brokers. It is a subsidiary of Yorkshire Building Society, the second largest mutual building society in the country.

Read Accord Mortgages’ company profile to learn more about their history, work culture, and other relevant information.

For hassle-free access, intermediaries can browse Accord Mortgages' tools and guides on their online portal. In this website, they provide support for intermediaries in terms of:

• mortgage sourcing
• application submissions
• case tracking

Mortgage brokers can also explore these application details with ease:

• mortgage criteria
• affordability calculator
• product finder

Accord works with the UK’s leading mortgage brokerage firms, some of whom are on our list of top mortgage intermediaries.

Products and services offered by Accord Mortgages

To cater to both new and existing clients, Accord Mortgages offers a large selection of mortgage products and services with varying interest rates and loan-to-value (LTV) ratios. These products can be applied by mortgage brokers for clients with different borrower profiles like:

• first time buyers
• home movers
• contractor clients
• applicants who want higher LTV

Accord Mortgages also provides both residential and buy-to-let home loans which includes:

• fixed-rate mortgages
• offset mortgages
• top slicing
• cascade score
• product transfers
• remortgaging applications
• large loans

Check out this comparative table on Accord Mortgages’ loan sizes and LTV limits:

If you want to explore other products and services, you can navigate through Accord Mortgage’s product finder.

Eligibility criteria for applicants

For mortgage brokers who would like to partner with Accord Mortgages, you are required to fulfill a set of criteria. Here is a list of these necessary conditions:

1. income
2. proof of identity
3. proof of address
4. minimum and maximum age

Let’s discuss them at length:

1. Income

Accord Mortgages’ underwriters have the discretion to decide on the criteria for income. However, they can make exceptions in some circumstances.

Main income

• employment must be permanent
• there is no minimum time in current employment
• 100% of gross basic salary accepted

Second job income

• 100% can be accepted
• employment must be permanent and sustainable

Retirement income

Accord Mortgages requires details of post-retirement income for intermediaries with clients who are within 10 years of retirement. To calculate the maximum lending, Accord Mortgages will use these types of revenues:

• private pension
• annuity income
• current salary

Allowances

Accord Mortgages accepts 100% of the following allowances:

• car
• shift
• Rent Standby
• call out
• weighting or large town
• housing allowance
• payments made in lieu of benefits
• band enhancements

Bonus or overtime, piecework, and commission

Accord Mortgages will accept 60% of sustainable overtime and bonus. This is subject to the cumulative amount that does not exceed the applicant’s basic salary. For piecework, 60% of the verified sustainable amount can be submitted by the intermediary.

As for commissions, Accord Mortgages will also accept 60% of sustainable commission, subject to a figure not exceeding basic salary.

Confirmed pay increase

Accord Mortgages also accepts pay increases, but they should be verified by the employer of the applicant’s client. Increases must be within a reasonable time frame and will be reviewed by your underwriter.

Benefits

For benefits, award letters and bank statements are needed for proof. These benefits can be submitted to Accord Mortgages and are 100% acceptable:

• child benefit
• widows pension
• retirement pension
• war widows' pension
• war disablement pension
• employment and support allowance

Here are other benefits that do not necessarily call for award letters and bank statements (but Accord Mortgages can still request at their discretion):

• disability living allowance

• personal independence payment
• carer’s allowance
• industrial injuries disablement benefit
• Scottish child disability payment

Rental income (Buy to Let)

For Buy to Let (BTL) mortgages, rental income includes:

• maternity income - Accord for Intermediaries will need confirmation from the applicant of their intentions to return to work including any future increase in expenditure (childcare costs). Accord for Intermediaries will also require evidence of pre-maternity income
• probationary period - all probationary periods can be disregarded

2. Proof of identity

Accord Mortgages will need evidence that proves the identity of the applicant. Any of these identification documents can be used:

• current signed passport
• current full or provisional UK driving licence
• current full or provisional EU or UK photo card driving licence
• foreign national ID card issued by Home Office
• residence permit issued by Home Office on sight of own country’s passport
• signed employer ID photo card
• armed forces ID card
• EU member state ID card
• firearms certificate
• HM Revenue and Customs (HMRC) tax notification
• benefit book or original letter from benefits agency confirming right to benefits

3. Proof of address

Accord Mortgages will confirm the addresses of applicants with the details taken from credit searches. This can be via active credit records or presence on the electoral roll.

If an applicant’s residency cannot be verified through such means, Accord Mortgages will require any of these documents to confirm their address:

• utility bills such as gas, electric, and water
• landline telephone bill
• council tax bill
• bank statements
• building society statements
• financial services statements
• credit card statements
• student loans company statements
• HMRC documentation

A letter from the employer can also be submitted for applicants employed by a medical professional or armed forces and living in accommodation.

4. Minimum and maximum age

Every applicant must be at least 18 years of age during the time of application. By age 80 of the oldest applicant, all loans must be repaid to Accord Mortgages.

In cases where the applicant is more than ten years from retirement and the term exceeds age 70, they need to be part of a company. They can also be included in a private pension scheme. Accord Mortgages will need any of these acceptable documents for proof:

• annual pension statement
• pension details supplied by the pension provider
• pay slips showing the applicant’s pension contributions

How to apply via Accord for intermediaries

After knowing the eligibility criteria, you can now apply for a home loan through Accord for intermediaries. Here are the steps for brokers who are interested to work with them:

1. Register with Accord Mortgages online
2. Use the product finder to search for your ideal product
3. Ask Accord Mortgage for lending decision
4. Complete the mortgage application
5. Wait for Accord Mortgages to make the mortgage offer

Read on to learn more about these easy steps:

1. Register with Accord Mortgages online

The first step is to register with Accord Mortgages through their online portal. Intermediaries can get same day access to the new mortgage sales and origination (MSO) system where you can:

• submit new residential business in an instant
• explore mortgage illustrations
• view your lending decisions and applications

Accord Mortgages will send an email with the login details within one working day after completing the form. Intermediaries can start to submit applications once it is completed.

2. Use the product finder to search for your ideal product

For the second step, registered intermediaries can explore the website and look for their ideal home loans. Accord Mortgages provides a product finder on their online portal for easier access to their mortgage products and services. They offer various types of home loans for different categories of applicants.

3. Ask Accord Mortgages for lending decision

Try to provide as much information as possible when asking Accord Mortgages for lending decision. This will contribute to your client’s credit score and the overall decision. An ‘Accept’ lending decision is subject to:

• a satisfactory valuation of the property to be mortgaged
• the information provided remaining unchanged
• the information provided during the full mortgage application meeting

Accord Mortgages’ lending decisions last for 30 days. After this expires, intermediaries will need to redo the process and ask again.

4. Complete the mortgage application

Once Accord Mortgages gives their lending decision, intermediaries should complete the mortgage application to reserve the home loan or mortgage product that they have chosen.

5. Wait for Accord Mortgages to make the mortgage offer

As for the second to the last step, mortgage brokers will have to wait for Accord Mortgages to make the mortgage offer. To check the status of your application, simply open your MSO broker portal. Updates will also be provided through this portal.

Once the mortgage offer reflects on your account, this will only be valid for 6 months. Ask your clients within that timeframe to make a decision by presenting Accord Mortgages’ offer regarding your product of choice.

Once funds are released and the mortgage account opens, Accord Mortgages will pay any procuration fee that is due.

• for all new residential cases, they pay a fee of 0.45%
• for portability applications, they pay 0.3% on any top-up borrowing

Accord Mortgages will also pay 0.3% for any additional lending application and 0.3% for any product transfer.

Acceptable property locations

Accord Mortgages accepts properties located in these areas:

• England
• Wales
• Scotland
• Northern Ireland

For properties in the Northern Isles, mainly the Orkney and Shetland islands, intermediaries must verify the valuation charges with their underwriters. This is because the fees tend to be more expensive for clients who want to apply for a home loan or remortgage in these locations. Accord Mortgages may also require a written agreement regarding the matter before requesting the valuation.

Is working with Accord Mortgages worth it?

Mortgage brokers in the UK will find working with Accord Mortgages worthwhile because of its simple and direct mortgage processes. For intermediaries who want straightforward solutions to their clients’ needs, Accord for intermediaries is a good choice.

Another great thing about choosing to work with Accord Mortgages is that they started with the commitment to help intermediaries while adapting through financial crises and market changes. As such, brokers can expect that they will be prioritised and applications will be easy and uncomplicated.

Accord Mortgages was also named one of the 5-star lenders for 2022.

If you wish to widen your options, there are other mortgage lenders available that might suit your clients’ unique needs. Here are some of them:

Natwest for intermediaries
Barclays for intermediaries
HSBC for intermediaries
Nationwide for intermediaries
Coventry for intermediaries

Would you consider partnering with Accord for intermediaries? Let us know in the comments.