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Accord Mortgages Review

Read on to find out more about Accord Mortgages, how they work, and why they could be a good fit for you

A photo of Grace Lynch, the author

By Grace Lynch

Published on: 29 September 2022

14 min read

Accord Mortgages Review

When looking for a new mortgage, you may immediately think of big high street lenders such as Barclays, Halifax or Nationwide. Have you ever considered that less well-known lenders might be able to offer you better rates for the mortgage you need? 

Accord Mortgages is an intermediary only lender, which means you can only access their mortgages by using a mortgage broker. This is because Accord offers a range of more specialised deals and rates compared to some other mainstream lenders.  

Why choose an Accord mortgage? 

Accord Mortgages offers a variety of mortgage products suited to buyers of many different backgrounds and circumstances. They have deals for standard mortgages and remortgages, as well as more specialised products designed for contractors, first time buyers, new build homes and offset mortgages. 

Accord is known for their more flexible approach to mortgage underwriting, often able to approve applications even if you don’t quite meet their lending criteria. This is particularly useful for people who might find it hard to get approved by lenders with stricter rules and requirements. 

If you have struggled to find the mortgage you need due to unpredictable income, poor credit or another reason, it could be worth thinking about applying to Accord Mortgages. 

About Accord Mortgages  

Accord works as a part of the Yorkshire Building Society Group, which can reassure you of the quality of their products. Yorkshire Building Society is one of the biggest building societies in the UK, working to support UK residents with their finances since 1864. 

Accord Mortgages for intermediaries is a service that helps provide people across the UK with mortgages, via trained independent brokers. This means you cannot apply to them directly, but you will benefit from the additional help and support a broker can offer.  

About Accord Mortgages mortgage products 

Accord Mortgages has a range of mortgages on offer, for both their new and existing customers.  

Each lender has different mortgages and terms available, so it is a good idea to compare what each one has on offer. That way you know you are choosing the right lender for the mortgage you need. 

Below have put together some of the key information you need to know about Accord Mortgages, to help give you more of an idea of whether they seem the best fit for your next mortgage or remortgage. 

Type of product Accord Mortgages 
Repayment options Accord Mortgages Capital and Repayment mortgage (you repay both the mortgage and the interest each month) 
Accord Mortgages Interest only mortgage (you repay only the interest on your mortgage and the full amount of the loan is repaid at the end of the mortgage term. You will need a 25% deposit for this mortgage type) 
Types of mortgages available  Traditional mortgage or remortgage 
Accord Mortgages First Time Buyer mortgage 
Accord Mortgages Buy to Let mortgage 
Accord Mortgages Help to Buy mortgage  
Accord Mortgages Offset Mortgage 
Accord Mortgages Contractor Mortgages 
Accord Mortgages 95% mortgages 
Accord Mortgages New Build Mortgages  
Accord Mortgages Home Movers Mortgages 
Accord Mortgages Credit Repair Mortgage 
Interest rate types available Accord fixed rate mortgage (the amount of interest charged per month will stay the same for a set time period usually 2 or 5 years) 
Accord mortgages variable rate (tracker) (the amount of interest charged per month can increase or decrease over time, in line with changes in the Bank of England base interest rate) 
Maximum mortgage loan £5,000,000 with a 25% deposit 
Maximum mortgage term 40 years (up to age 80 at maximum) 
Loan to Value (LTV) options (deposit amount vs overall property value) 75% LTV mortgage (deposit 25% of property value) 
85% LTV mortgage (deposit 15% of property value) 
90% LTV mortgage (deposit 10% of property value) 
95% LTV mortgage (deposit 5% of property value, but you will only be able to borrow up to £600,000) 
Does Accord Mortgages have early repayment charges (ERCs)? YES, if you repay more than your allowed overpayment amount (10% of the remaining mortgage balance in most cases).  This will usually be a percentage of the remaining mortgage amount. 
Fees charged for Accord Mortgages Fees you could be charged for an Accord Mortgage include: 

Product fees of up to £1,845 for some mortgages (this can be paid upfront or added to the mortgage amount) 
Property valuation fees of between £115 – £530 depending on the value of the property 
£70 revaluation fee may be charged if moving your mortgage to a new property or applying for additional lending 
Fund transfer fee of £35 
£35 re inspection fee if you are remortgaging for home renovations 
£180 fee to add or remove someone from your mortgage (transfer of equity fee) 

Buying a home or investment property will usually require a significant amount of savings and most buyers will still need a mortgage on top of this. 

The amount you will be able to borrow for your mortgage will vary depending on several factors such as your deposit amount, income and credit history. The lender you apply to can also affect the deals on offer.  

If you are unsure how much you could borrow, most lenders will have a borrowing calculator on their website to help you get a rough idea. Accord Mortgages only provides mortgages through a broker, so they don’t have a calculator available on their existing customer website. 

If you search Accord Mortgages calculator in your search engine of choice, you should be able to easily find the broker affordability calculator. Although this isn’t intended for customer use, it is still accessible for you to use if you wish. The calculator asks questions such as: 

  • Whether it is a single or joint application 
  • If you have any dependents (adults or children under 17) 
  • The length of mortgage term  
  • If it is a mortgage or remortgage 
  • Whether you are employed, self employed, retired etc 
  • Details of regular expenses such as loans, credit cards, school fees etc 

Certain questions about things like large town allowance, call out allowance etc may not be as easy to understand. If you are not sure how to answer you might be better having your broker fill this calculator out for you, to make sure the estimate of how much you can borrow is accurate. 

You can find out more about this topic in our guide ‘How much can I borrow for a mortgage?’

How to contact Accord Mortgages  

If you have heard about Accord Mortgages and think they might be a good fit for you, you will need to contact a mortgage broker to arrange your mortgage. This is because Accord Mortgages is an intermediary only lender and so you cannot contact them directly for new mortgages.  

You may however, already have a mortgage with them and need to get in touch for a variety of reasons. Mortgages terms span many years (often decades). You could need to change details, add or remove someone from your mortgage, move home or adjust your terms at some point during your mortgage term.  

There are several contact numbers available for Accord Mortgages, so we have put together a contact list for you. That way you know you aren’t wasting time calling the wrong number for the service or advice you need. 

Accord Mortgages contact number for current mortgages (residential) 

If you want to change your mortgage deal, borrow more, move (port) your mortgage or add/remove a person from your mortgage (transfer equity): 

Tel. 0345 1200 891 
Opening hours: Monday to Friday 9am-5pm / Saturday 9am-1pm 
(If you are an overseas customer call: (+44) 1274 263016) 

For offset mortgages, direct debit enquiries, title deed information, letting enquiries and payment questions or repayment changes: 

Tel. 0345 1200 872 
Opening hours: Monday to Friday 9am-5pm / Saturday 9am-1pm 
(If you are an overseas customer call: (+44) 1274 263017) 

If you are having difficulties with affording your mortgage repayments: 

Tel. 0800 138 2401  
Opening hours: Monday to Friday 9am-5pm / Saturday 9am-1pm 

Accord Mortgages contact number for current mortgages (buy to let) 

For enquiries about your direct debit, changes to your repayments, title deed information and questions about other service charges: 

Tel. 0345 1200 872 
Opening hours: Monday to Friday 9am-5pm / Saturday 9am-1pm 
(If you are an overseas customer call: (+44) 1274 263017) 

To change your repayment type, mortgage term or to add/remove someone from your mortgage (transfer equity): 

Tel. 0345 1200 891 
Opening hours: Monday to Friday 9am-5pm / Saturday 9am-1pm 
(If you are an overseas customer call: (+44) 1274 263016) 

For customers with accounts beginning 10012 or 10014: 

Tel. 0345 848 0224 
Opening hours: Monday to Thursday 8am-8pm / Friday 8am-6pm / Saturday 9am-2pm 
(If you are an overseas customer call: (+44) 1633 717632) 

You can also write to Accord Mortgages by posting a letter to: 

What does Accord Mortgages look at before approving your mortgage? 

A benefit of applying for a mortgage with Accord Mortgages is that their lending criteria is not quite as strict as many high street lenders. 

Accord Mortgages offer flexible underwriting, meaning even if you do not quite fit their lending criteria, it can still be possible to be approved for a mortgage. Your mortgage broker may be able to negotiate a deal between you and Accord, so that you can still get the mortgage you need.  

This can be particularly useful for people with more complicated income or credit issues, who could find it harder to get a mortgage approved elsewhere.  

Lending criteria  Accord Mortgages 
Acceptable deposits Savings account: a savings account will be an acceptable deposit source  
Help to Buy equity loans: can be used towards your deposit but you will need a deposit of 25% or more 
Gifted deposits: a gifted deposit will only be accepted if it is a gift from a family member that does not need to be repaid 
Concessionary purchase: a discounted purchase price from an immediate family member is acceptable. The deposit amount needed will be dependent on a property valuation, and a solicitor’s letter will be required to confirm the discount. 
Equity from the sale of another property 

VENDOR GIFTED DEPOSITS ARE NOT ACCEPTED. ACCORD MORTGAGES ALSO DO NOT SUPPORT THE FOLLOWING BUYER SCHEMES: SOCIAL HOUSING SCHEMES SHARED EQUITY SHARED OWNERSHIP RIGHT TO BUY FORCES HELP TO BUY (FHTB) 
Number of applicants  Up to 2 applicants (joint mortgage) 
Minimum and maximum ages of applicants Minimum age 18 at time of applying.  
All mortgages must repaid by the oldest applicants 80th birthday (age 70 or retirement age for interest only mortgages) 
Will Accord Mortgages approve mortgages for foreign nationals? YES, Accord will accept applications under their usual lending criteria from applicants from EU member countries and countries from the European Economic Area. You will need: 

Evidence of indefinite leave to remain e.g. a stamp in your passport or letter from the Home Office Evidence of Settled or Pre-Settled Status via a share code 

If you do not have indefinite leave to remain or settled/pre settled status, you will need a deposit of at least 25% of the property value and immigration documents/passport stamp to prove you are allowed to live in the UK. 
Credit score/history requirements Small to moderate levels of poor credit and missed payments over 2 years old may be accepted (applications will be considered). 
Individual Voluntary Agreements over 6 years old will be considered on an individual basis.  
You will be declined if you had a County Court Judgement (CCJ) or were made bankrupt within the last 6 years  
Applicants who work or live abroad Following Brexit, Accord Mortgages will no longer accept mortgage applications from people living outside of the UK. They do still have specific contact numbers, to advise their current overseas customers who took out a mortgage before Brexit. Check here for more specific information if you have a mortgage with Accord and live overseas

The criteria can also vary slightly depending on the type of mortgage you need, and your broker can help to advise you on this.  

What are the current mortgage rates Accord Mortgages offer? 

There are several available interest rate types available with Accord Mortgages: 

  • Fixed rate mortgage: the interest rate you pay each month will stay the same for an agreed period of time, usually 2, 3 or 5 years. 
  • Tracker rate mortgage: the interest rate you pay each month could increase or decrease if the Bank of England’s base interest rate changes. 

Find out more about fixed rate mortgages, in our fixed rate mortgage guide.

Should I consider an Accord Mortgages buy to let mortgage? 

Many people in the UK take out buy to let mortgages as an investment, with the rental income working to pay off the mortgage. Whether you are a landlord with multiple buy to let mortgages or are applying for the first time, it is important to consider which lender you choose carefully.  

Accord Mortgages withdrew from offering buy to let mortgages to new customers temporarily towards the end of 2022, due to rising inflation and a drop in the value of the pound.  

Following this they came back to the market on 11/10/2022, providing a wider range Accord buy to let mortgage products than before including: 

  • A 5-year fixed rate mortgage with an interest rate of 5.84% (with a 35% deposit). This will include a £2,495 fee, £250 cashback and a standard valuation, available for house purchase and remortgage 
  • A 2-year fixed rate mortgage with an interest rate of 6.27% (with a 35% deposit). This will include a £1,495 fee, £150 cashback and a standard valuation, available for house purchase and remortgage 
  • A 5-year fixed rate mortgage with an interest rate of 6.12% (with a 25% deposit). This will include a £995 fee, £150 cashback and a standard valuation, available for house purchase and remortgage 

If you are unsure if Accord Mortgages seems the right choice, it also might be good to note that they have also recently been shortlisted for the 2023 Business MoneyFacts Awards for Best Buy-to-Let Mortgage provider.  

Of course, other lenders will have their own range of buy to let deals as well. It can be worth shopping around and comparing what is available, to be certain you are choosing the mortgage best suited to you. 

What is an Accord Mortgages contractor mortgage? 

If you work as a contractor, it can sometimes be more difficult to get a mortgage approved. Your income will usually be more unpredictable, so it makes sense that some lenders could be wary to provide a mortgage.  

Accord Mortgages saw a gap in the market for contractor specific mortgages, and designed mortgage products that would work better for people with this type of job role. With Accord’s contractor mortgages you can: 

  • Borrow up to 5 times your annual income (depending on other factors such as deposit amount and credit history) 
  • Access 95% loan to value mortgage in some cases, meaning you will only need a deposit of 5% of the property value 
  • Get a mortgage if you have been a contractor for a shorter amount of time (compared to deals offered by other lenders) 
  • Get a mortgage with gaps in work of up to 8 weeks as standard (longer gaps in working will be assessed on a case-by-case basis) 
  • Get a mortgage if you are a sole trader, own a limited company or umbrella company or get your income as Pay As You Earn (PAYE). 

Should I choose Accord Mortgages debt consolidation products? 

People can fall into debt through no fault of their own, particularly with the UK currently facing a massive cost of living crisis.  

If you have a mortgage, it can be possible to use this to get extra funds to repay some or all your debts by remortgaging. This is classed by mortgage providers as ‘additional lending’ on top of your existing loan. This can be a helpful option, as it then places all your repayments into one monthly repayment.  

Accord Mortgages even has specific mortgage products known as a Credit Repair mortgages. These mortgages include a Credit Repair Guarantee, and this states that: 

  • If you have no more than one missed or late payment within the last 12 months, then you can transfer your mortgage to any of their transfer products at the end of the mortgage deal. 

This does not take into account your credit history at the start of your initial mortgage, meaning you may be able to swap to a better deal more easily than with other lenders. 

Accord Mortgages is not a lender that would be classed as a specialist in poor credit as they do have some restrictions on lending. They do offer a lot more than many other high street lenders though, with their more flexible approach allowing approvals even if you do not 100% meet their lending criteria.  

Are Accord Mortgages overpayments possible? 

If you have found yourself with some additional money, a good use for this can be to repay some or all of your mortgage. This can then help reduce your monthly bills moving forwards. 

Most Accord Mortgages will allow you to overpay up to 10% of the remaining mortgage amount each year without early repayment charges. These can be arranged as smaller regular overpayments or as a lump sum.  

These overpayments reduce the amount left to pay on your mortgage and will also reduce the amount of interest you will be charged. If you overpay more  

Each year your mortgage will have an annual review, and if you have overpaid your monthly payments can be decreased. You could also use this to reduce your overall mortgage term but you will have to contact Accord Mortgages directly to arrange this.  

Depending on how much you have overpaid, you can even use the amount built up in your overpayment balance to take a ‘payment holiday’. This is extremely useful if you were to fall into financial difficulties at a later point and needed a break from mortgage repayments. 

How long until you receive a mortgage in principle Accord Mortgages? 

It is a very exciting time when buying a new home or investment property, but it can also be stressful with a lot of things to arrange and consider. 

Before you can apply for a mortgage or put an offer in on a house, you will need to have a mortgage in principle from a lender. This is an agreement between you and the lender can each have various names for this. Accord Mortgages refers to this as a decision in principle rather than a mortgage in principle. 

With most lenders you can apply for a mortgage in principle online on their website, or by calling them directly. As Accord Mortgages will only lend to borrowers via a broker, your mortgage broker will have to fill this application in for you.  

You will need to provide your broker with details about your income and then Accord Mortgages will do a ‘soft’ credit check (this won’t affect your credit score). 

An Accord Mortgages decision in principle will be valid for 30 days from when you receive it, so you will need to start a full application within that time or start the process again. Your mortgage advisor will support you through the rest of the application process. 

Accord Mortgages valuation to offer timescale is currently around 11 working days from when your application is submitted. This means that from the time you apply for your mortgage and have the property valued, you could have a mortgage offer in less than 3 weeks. It is important to be aware that this can vary though, depending on each individual application. 

Benefits of Accord Mortgage deals 

  • A range of 95% mortgage products available for first time buyers, home movers (buying new builds), contractors and more. 
  • Up to £500 cashback for first time buyers on completion of the mortgage 
  • NO product fees on selected mortgages 
  • FREE property valuations for first time buyers 
  • Portable mortgages are available making it easier to move home at a later point and any early repayment charges incurred from moving your mortgage will be refunded (provided you keep the same deal and terms) 
  • Can overpay 99.9% of the mortgage with NO fees/charges with an Accord offset mortgage 

If you’ve not bought a house or flat before, then you might not be sure where to start when applying for a mortgage.  

If you want to apply for a mortgage with Accord Mortgages, you will have to do so by contacting a qualified mortgage broker. They will not accept a direct application.  

This is not necessarily a bad thing, as it is often helpful to get advice from an independent mortgage broker anyway. A qualified mortgage broker will support you throughout your application and can help you assess which of Accord’s mortgages might work best for you.  

If they don’t believe Accord Mortgages is offering the mortgage you need or there are better rates elsewhere, they can also compare mortgage deals from other lenders. That way you can be sure that the mortgage or remortgage you choose is your best available option. 

Accord Mortgages reviews 

It is sensible to research the company you are trusting with your mortgage, to see what other customers think of their products and services.  

Trust Pilot is the UK’s most well-known independent review site and you can read customer reviews for Accord Mortgages on there. Currently, they are rated 2.5 out of 5.0 stars with over 200 customer reviews. 31% of these reviews are 5.0 out of 5.0 stars.  

Unlike some other companies, they also regularly reply to their reviews to either thank customers or try to resolve issues. 

To read some of their reviews or add your own, you can do so by visiting their TrustPilot page

Accord Mortgages also: 

  • Scored 5th out of 15 lenders on Which? with a customer satisfaction score of 70%, and rated 3.0 out of 5.0 stars in areas including value for money and customer service 
  • Were highly commended for the 2021 MoneyFacts Mortgage Intermediaries Choice Awards 

Resources

Accord Mortgages – News Centre

Financial Conduct Authority – Mortgage lending statistics – December 2022

Statista – Mortgages in the the United Kingdom (UK)

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