Switch your mortgage deal

Information for Buy to Let customers

This page helps you to switch deal if your mortgage with us is ending in the next 90 days.
No need to apply again, no affordability checks, no conveyancer needed.

We’ve got different information if you want to:


Not sure which deal you’re on?
If you're not sure what deal you're on or when your fixed rate deal ends, log in to check your mortgage details.
 


How to switch rates if you have a product ending soon

This information is for you if you have a fixed rate, tracker or discounted rate that will end before the end of your mortgage term. We have different information for you if you are on our standard variable rate (SVR).

1

We send a reminder
Around 90 days before your current deal is due to end, we'll contact you. We only offer you deals that we know you're eligible for.
2

Review your options
Login with your mortgage account number to see your options. Or you can chat to our team about your options over the phone.
3

Secure your rate
Agree your new rate online or over the phone. Once you’ve paid any fees, we’ll send a letter to confirm your new rate and the date it will begin. 
4

Look out for a better rate
After you’ve agreed your new rate, you can switch if we offer a product on the same terms, but a lower rate. You can do this until two weeks before your new rate is due to start. 


Important to know for switches from a current fixed, tracker or discounted product

Does not apply to customers on SVR

Once you’ve accepted your new deal, this is binding. The only exception to this is for residential mortgages if the interest rate reduces before your new deal starts.

What if rates fall after you've chosen your deal?


As long as the term, and any fees and incentives are the same, you can choose a lower rate. In fact, you can change as many times as you like up to 14 calendar days before your new rate begins.

You can access the existing product range applicable to your mortgage at any time by logging onto your mortgage account or requesting it via your broker.

Here's an example:
  • Your chosen deal: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.99%
  • Is replaced with: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.49%

It’s your responsibility to check to see if a better rate becomes available before your new rate starts. It’s also your responsibility to ask to switch the rate you’ve already agreed. You can log on at any time to check the rates available to you.

You’ll just need to complete a form to request a deal on the new rate.

Reasons to switch mortgage rate:

  • You can switch your deal in just over a week. It can take between 4 to 8 weeks if you were to move to another lender.
  • No need to apply again. We only offer you deals that we know you can get.
  • You won't need a conveyancer. You would if you moved to another lender.

What happens if I don't switch?

If you don't do anything then you will move onto, or stay on a standard variable rate (SVR). Check your mortgage offer or give us a call to find out which SVR applies to you:

  • Residential standard variable rate.
  • Residential Discounted standard variable rate. 
  • Buy to Let standard variable rate.
This means that:
 
  • Your mortgage payments could go up or down.
  • You can make unlimited overpayments.
  • You can pay your mortgage off early without any early repayment charges.

Am I eligible?

 

  • Mortgages must have been held with us for at least 12 months.

  • For residential customers, the property must be your main residence.

  • BTL customers must not reside in the property.
  • For all residential customers (including credit repair) there must be no more than one missed or late payment in the last 12 months. For BTL this is 24 months.
  • Mortgage arrears must be less that the value of 1 month’s mortgage payment at the time of applying for a transfer and completion of transfer.

  • The balance on the part of the mortgage you wish to transfer onto a new product, must be at least £3,000.

  • If the mortgage is in joint names you must have the authority to switch deal on behalf of all applicants.

  • You are not moving from another mortgage provider.

  • You must also meet all of our other lending criteria.


Things to consider

You should only switch online if:

  • You're sure that you don't need advice on requesting a new deal.
  • You're not changing any other details of the mortgage such as the term of the mortgage or the repayment method or wanting to pay a lump sum.
  • You're not borrowing more or making a lump sum payment.
  • No part of your current mortgage is on an 'interest only' repayment method.
  • You don't have a Joint Borrower Sole Proprietor mortgage.

Ways to apply

If you're happy to stay with us, have all the information to hand and have read the things to consider above, then you are ready to get started. You can switch in minutes. Alternatively, you can get advice from your broker about what to do next.

Current deal about to end? We require up to 7 days to process any switch to a new deal, so if you choose to switch with less than 7 days of your existing deal remaining, your interest rate may revert to our standard variable rate (currently 7.49%) and your next monthly mortgage payment may increase.


Apply online

Will Accord offer me advice?

If you're applying online, advice is not offered.


Apply by telephone

Talk to one of our friendly mortgage advisers

Will Accord offer me advice?

If you're applying by telephone, it's your choice.

0345 1200 891*

9am - 5pm : Monday to Friday
9am - 1pm: Saturday

Please note, Buy to Let Product Transfers are completed on a non-advised basis.

Disclaimer

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.


Need to pay fees?

You can pay any outstanding Product Fee or Early Repayment Charges by calling us on 0345 1200 891*.

How to switch your mortgage

There are two ways you can apply to switch your mortgage deal with Accord Mortgages:

  • Without advice ('execution only') – online or over the phone.
  • With advice over the phone.

Switching your mortgage deal online without advice

If you apply to switch your mortgage deal online, it is known as an 'execution only' application. It’s designed for those customers who have a good understanding of the mortgage application process and can be confident they will be able to choose a product that’s suitable for their needs.

It does mean that you won't be eligible to receive advice on your mortgage switching application. But if you change your mind and decide you would like some advice once you’ve started your application, you can swap how you apply from online to over the phone.

Please note that if you have previously spoken to us over the phone about this application and decide to proceed with your own choice by applying online, then any advice we have given you will no longer apply.

Before applying to switch your deal online, you must be aware of the following:

  • The product you wish to apply for including the interest rate and its term.
  • Interest rate type e.g. fixed, or variable.
  • The early repayment charges associated with the product.
  • The price or value of the property you are looking to purchase or remortgage.
  • The loan amount you want to borrow.
  • The length of term required.

If you choose a mortgage without advice (execution only)

  • You should be comfortable choosing the right mortgage without our advice.
  • We won’t advise if the mortgage you select is the right choice for your needs, which means that you’ll be giving up the benefits of Financial Conduct Authority protection on mortgage suitability.
  • We will still assess whether you can afford the mortgage.

If you are unsure on any of the above, switching your mortgage deal with advice may be more suitable for you.

Benefits of receiving mortgage advice

A mortgage is likely to be the largest financial commitment you make in your life, therefore you may benefit from speaking to one of our mortgage advisers over the phone.

A mortgage adviser will be able to review your incomings and outgoings and make a suitable mortgage term and product recommendation to suit your individual needs.

An adviser will be able to provide guidance on the following, amongst other points depending on your circumstances and needs:

  • Mortgage term.
  • The interest rate on your chosen mortgage deal vs the product fee you may have to pay for selected deals where the interest rate is lower.
  • The affordability of the loan.
  • If a fixed or variable rate would best suit your circumstances.