Additional Loans

If your client is looking to borrow more for home improvements, debt consolidation or any other non-business purpose, we could help

Our range of additional loan deals allow your clients to use some of the value in their home to help them get the things they want, such as extra funds to build an extension or a new kitchen, buy a new car or to go on that dream holiday.

How much extra could your clients borrow?

Use our simple calculator to get an indication of how much extra your clients could borrow – you’ll need their mortgage account number and details of incomings and outgoings.

How to apply

1


Obtain a Mortgage Illustration by using our simple illustration request form.

You’ll need to do this before you can proceed any further with the application.

 

We’ll aim to email the Mortgage Illustration to you within 24 hours.

2


Once you’ve got the Mortgage Illustration, you're ready to download and complete the Additional Lending application form.

Please note we cannot accept handwritten applications. However, the form is editable so you can fill it in on your computer. For help with this, please read our 'Editable PDFs' guide.

If you are using an Apple Mac Book please call our Variations team on 0345 166 9267 for support on how to submit the application in an editable format. 

Any handwritten applications will be rejected.


Common errors that prevent the application from being processed:

  • Incorrect/missing introducer details.
  • Consent boxes not being ticked.
  • Missing Direct Debit details.

Please make sure you include the above as part of the application to avoid delays.


When you've completed the form and you're ready to return it:

Please note email is not a secure form of communication.

3


Once received, we’ll allocate the application to a dedicated underwriter.

Your underwriter will call you to discuss how we can issue a mortgage offer as soon as possible.

They will also give you a direct contact number and email address so they can answer any questions you may have.

Clients also need a product transfer?

If your clients want to switch to a new mortgage deal, as well as borrow more, we’ll need to have released the additional borrowing first before you apply for the product transfer.

Find out more about our Product transfers

Additional loan criteria

We pay 0.30% of the loan provided that you send a completed application form to us and the loan is £5,000 or above. No procuration fee is paid if the borrower approaches Accord directly.

Minimum Loan/ Maximum Loan

  • Depends on LTV - check the criteria section , but the maximum loan is calculated as a total of ALL secured loans on the property.

  • 85%

Examples include:

  • Home improvements e.g. extension, double glazing, new fitted kitchen etc.

  • Purchase a joint borrower's interest in the property.

  • Capital raising (except business purposes)

  • To purchase the freehold of the borrower's property

A non-refundable £70 revaluation fee may be payable.

  • No arrears on the account in the last 12 months or the account must have been open for at least 6 months and conducted satisfactorily. If the account does not meet these requirements please contact us to discuss any options.

  • Loan purpose is acceptable to us.

  • All additional loans will be agreed only on a capital and interest repayment basis.

Home improvements:

  • Available for alterations, improvements and repairs to the property, subject to normal lending limits and credit score. Additional lending will be based on the current value of the property looking at the HPI or an Internal Inspection provided by one of our panel valuers.
  • For energy related improvements, at least half of the loan must be used on any of the following:
  • Loft Insulation (no foam spray)
  • Solid wall Insulation
  • Cavity wall insulation
  • Double or triple glazing to replace single glazing
  • uPVC external doors
  • Solar panels or a heat pump (ground or air).

  • A mortgage illustration must be provided to the client(s).

  • A mortgage application can only be completed AFTER a mortgage illustration has been produced.

Offset and non-offset products cannot be mixed:

  • If the original loan is offset, the Additional Loan must be offset.

  • If the original loan is non-offset, the Additional Loan must be non-offset.

The customer may take additional borrowing on an Interest Only basis, or part Interest Only and part Capital and Interest basis. for further information.

The customer must have evidence of permission from Homes England/Help to Buy (Wales) Ltd before submitting an Additional Loan application.

Additional lending can only be considered for Staircasing (customer using the proceeds from the additional loan to repay their equity loan), Essential Modifications and Transfer of Equity (purchasing the full equity of the property from the current joint borrower).

If the customer is staircasing, a solicitor must be instructed.

Where there is to be an Equity Loan outstanding on completion of the additional loan:

  • the maximum LTV calculated using the mortgage amount plus additional loan amount is 75%

  • the maximum LTV calculated using the mortgage amount, additional loan amount plus the outstanding equity loan amount is 85%

Where the Equity Loan is being repaid in full, normal LTV rules apply.

Product finder

Search our range of mortgage deals for existing customers.

  Product finder

 

Please choose from the following options

So we can direct you to the right part of our website, please select from the login options below:

Porting? Additional Lending? No need to log in, please click, Porting or Additional Lending  to follow the correct application steps.

NEW BUSINESS - ACCORD MSO

To create an illustration, submit a DIP, upload documents or to track an application for new customers:

ONLINE PRODUCT TRANSFERS

Switch existing Accord clients to a new deal - create an illustration, then apply and accept a product transfer online: