Our lending criteria | Existing Customers | Accord Mortgages
Our lending criteria
Information and guidance on how we decide who to lend to.
From the minimum term to the maximum loan amount allowed, if you need to make a change to your mortgage, our lending criteria will help you find out what you need to know.
When making a change to your existing mortgage, we may need to do a mortgage valuation. Find out more about valuations on our guide page
What you need to know if:
You are borrowing more on your mortgage
- All parts of your mortgage must have been open for at least 6 months and you have maintained payment of your mortgage during the term
- The term of your additional lending must be a minimum of 5 years and a maximum of 40 years
- The deals available for an additional loan will depend on the minimum term remaining on your mortgage. For example, if you have 5 years remaining on your mortgage, you can select a 2, 3 or 5 year deal but not one that exceeds 5 years
- We may need to complete a new valuation (or 'revaluation') of your property so that we can ensure the value of the property provides adequate security for any new lending. We cannot lend on the basis of any projected or future valuation
- When applying we may request some ID from you (and any joint applicants) in the event that we can't verify signatures on the application form
- Please note we do not currently offer additional lending to Buy to Let customers
You are switching to a new mortgage deal
- To guarantee securing a new mortgage deal, you need to apply at least 10-14 days before your current mortgage ends
- The minimum loan size is £3,000 and more than one product can be taken to make up your overall loan, provided that the minimum loan size is met for each product
- As with additional lending (above), any available mortgage deals will depend on your minimum mortgage term. For example, if you have 5 years remaining on your mortgage, you can select a 2, 3 or 5 year deal but not one that exceeds 5 years
- We use an estimated valuation of your property when assessing your eligibility to change to a new mortgage deal. You can request a revaluation of your property to find out your Loan to Value, if you feel our valuation is inaccurate. 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
You need to do a Transfer of Equity
- A legal adviser must be appointed to act on your and our behalf. You should check that your solicitor is on our panel as this will stop any delays in the application being processed
- Because a transfer of equity involves a change in those named on your mortgage, a revaluation of your property may be required. There is a non-refundable fee for this of £70
- If you have a joint mortgage with someone and are now going separate ways, you are both entitled to borrow up to 50% of your previous mortgage amount for a new mortgage with Accord in your own name. If Early Repayment Charges are applicable, you are also each entitled to a 50% refund of any fees paid (the amount you each receive can be changed with written consent)
- We may need to see some ID from you (and any joint applicants) when you make your application. This is usually in the event that we can't verify signatures on the application form
You're moving home
- If you're planning to amend the term of your mortgage or the way you repay your mortgage in addition to transferring (or 'porting') your mortgage deal to a new property, and there is more than one applicant, we'll require identification for each applicant
- Any additional lending being used as a 'top-up' as part of porting your mortgage, is subject to our usual product criteria including minimum loan size, maximum Loan to Value and product fees.
- The term of any additional lending being used as a 'top-up' as part of porting your mortgage must be a minimum of 5 years and a maximum of 40 years
- The mortgage deals available to you will depend on your minimum mortgage term. For example, if you have 5 years remaining on your mortgage, you can select a 2, 3 or 5 year deal but not one that exceeds 5 years
- We will carry out a valuation for any portability application, regardless of whether or not you are applying for a 'top-up' product. A non- refundable standard valuation fee is payable for this.
- The property you are transferring the mortgage to must be in England, Wales, Scotland or Northern Ireland
- Please note portability is not currently available for Buy to Let customers
Interest Only Borrowing
- You can borrow up to a maximum of 75% Loan to value (LTV)
- Interest only borrowing for debt consolidation is not permitted
- You must have a suitable repayment strategy in place to repay the loan at the end of the term
- You must provide evidence of your repayment strategy during the application process and at least once during the mortgage term
- If you’re looking to make a change to your interest only mortgage, you need to call us to discuss your options.
Help to Buy Equity Loan
Borrowing More
To borrow more you'll need to get approval from Homes England/Help to Buy (Wales) Ltd. We'll need to see permission when you send us your application.
Additional lending can only be considered for Staircasing (using the proceeds from the additional loan to repay your equity loan), Essential Modifications and Transfer of Equity (purchasing the full equity of the property from the current joint borrower).
Please note, if you are completing staircasing, a solicitor must be instructed.
Where there is to be an Equity Loan outstanding on completion of the additional loan:
- You can borrow up to a maximum of 75% Loan to Value
- The maximum Loan to Value calculated using the mortgage amount plus the outstanding equity loan amount is 85%
Where the Equity Loan is being repaid in full, normal Loan to Value rules apply.
Transfer of Equity
To complete a Transfer of Equity you'll need to get approval from Homes England/Help to Buy (Wales) Ltd. We'll need to see permission when you send us your application.
Porting
If your property was purchased under the Help to Buy Equity Loan Scheme and you still have an outstanding Equity Loan, you are able to port your existing mortgage deal providing the Equity Loan is repaid upon sale of your current property and you meet the rest of our criteria.
You are also able to port your existing mortgage deal to purchase a new property with the assistance of the Help to Buy Equity Loan Scheme.
Your property may be repossessed if you do not keep up repayments on your mortgage.
If you have a Buy to Let property, then alternatively a receiver may be appointed (except in Scotland) to receive the rent and/or to sell the property. After sale, you will remain responsible for the payment of any mortgage shortfall debt.
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