Product Transfers | Accord Mortgages
product transfers
So your client's current deal is about to come to an end (or they're considering switching deal) and you'd like to see what's available for existing customers. Look no further!
It's an easy process to check online for available deals and to see monthly payments. If your client is eligible, you can then request to switch them to a new mortgage deal.
The transfer process
The process for transferring to another product is straightforward:
Log in and go to 'Request product transfer'
Enter your client's account number to retrieve their mortgage.
Select a new mortgage product for your client and download the mortgage offer.
If your client is happy to proceed, confirm the transfer with the click of a button online.
Alternatively, you can request a transfer by completing our transfer request form.
If your client wants to change the term or repayment type of their mortgage at the same time as switching their deal, you need to complete a type term change application form.
Just need an illustration? Log in and follow the ‘Mortgage Illustrations’ link or use our illustration request form.
Once your client has accepted their new deal, this is binding. The only exception to this is for residential mortgages if the interest rate reduces before their new deal starts.
What if rates fall after they've switched their deal?
Your residential clients can request to switch to a new rate, on a like-for-like basis, up to 14 calendar days prior to their new deal starting. It’s important to note, only the rate can change. Everything else must remain the same.
Here’s an example:- Current transfer product: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.99%
- New like-for-like request: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.49%.
A new Switch Product Request Form must be completed by you or your client, once a transfer product has already been booked.
Please note:
- If a new product is chosen, we'll cancel the current product and issue new offer documents.
- We won't communicate any subsequent rate changes to your clients.
- You must have the consent of all parties before submitting a new form.
Clients also want to borrow more?
If your clients want to borrow more, as well as switch to a new deal, we’ll need to have released the additional borrowing first before you apply for the product transfer. Find out more about our additional lending.
Need any help?
Visit our Product Transfer Questions and Answers.
Things to be aware of
Submitting transfers
You can submit a Transfer Request for your client at any time. Please note: where this is more than 90 days before the product period end date, Early Repayment Charges may apply (see below). If your client has not accepted a mortgage illustration offer from Accord 90 days before maturity, we write to the borrower directly outlining the ways in which they can apply for a new product.
If your client's current deal is coming to an end, we require up to 7 days to process any switch to a new deal. If your client switches with less than 7 days of their existing deal remaining, their interest rate may revert to our standard variable rate (currently 7.99%) and their next monthly mortgage payment may increase.
Accepting the offer
To secure their new product, you can accept the transfer offer on behalf of your client/s after it has been downloaded. If the offer is not accepted at this point, it will become invalid and a new offer must be created. Where product fees are payable and not added to the loan, these must be paid within 7 days or the acceptance will be cancelled. Any products withdrawn in the 7 day period from the acceptance will therefore not be available if fees are not paid within this time.
We will transfer your client's mortgage to the new product on the product expiry date to avoid early repayment charges, unless specifically requested otherwise.
Cancellation Policy
Product switching – Once the product has been agreed for a product transfer, we won't allow clients to switch products between then and completion, unless rates reduce on a like for like residential product.
- PT Cancellation – Once the product has been agreed, there is no way to retract that offer without incurring ERCs. These ERCs will be applied automatically at redemption.
Product Transfer criteria
Borrowers previously on a self cert product
Borrowers previously on a self cert product can now select one of our full status products.
For product transfer applications, there must be no more than 1 missed/late payment in the last 12 months payment history. Mortgage arrears must be less than the value of 1 month's mortgage payment at the time of applying for a transfer and completion of transfer.
Credit Repair Guarantee
Borrowers previously on a Credit Repair self cert product can now select one of our full status products.
In order to qualify for a transfer product, there must be no more than 1 missed/late payments in the last 12 months payment history. Mortgage arrears must be less than the value of 1 month's mortgage payment at the time of applying for a transfer and completion of transfer.
Minimum loan size is £3,000
More than one product can be taken to make up the loan, provided that the product minimum loan size is met -see the individual product for details.
The minimum term remaining on the mortgage in order to take a product is dependent on the products available at the time and the term remaining on the mortgage.
For example, where a customer has 5 years remaining on their mortgage term they can choose a 2, 3 or 5 year product (if these are available), but the customer could not select a 10 year product.
Accord pays a procuration fee of 0.30% gross for Product Transfers - to recognise the work you do for your client to make sure they get the right deal to meet their needs.
Our Transfer product range now takes into account your client's mortgage balance compared to the estimated value of their property. We calculate this estimated value by using our House Price Index, which is recalculated every quarter. We'll use this valuation when assessing your client's eligibility for our products unless your client requests a revaluation, which can be requested if your client believes that their property's actual current value is different to the estimated valuation on our records.
Products can be withdrawn at any time and your client will only be able to choose from the range available once their current valuation is confirmed.
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.
If your client currently has any part of their mortgage on an Interest Only basis, as part of the transfer process we will contact them directly to check that they are happy that their repayment strategy is on track to repay their loan.
Offset and non-offset products cannot be mixed.
If you want to change to a non-offset mortgage
Sometimes your client’s needs change. If you realise that offset is no longer the best thing for your clients and they’ve got a mortgage with more than one part and different end dates – we’ll help.
We don’t offer mortgages that mix offset and non-offset parts. What we can do is allow your client to transfer all parts of their mortgage to a non-offset product. As long as one of their parts is due to mature, we’ll do this without early repayment charges.
This change is subject to our standard lending criteria.
How to request this change
You’ll need to complete our Request Product Transfer form.
In the Product Required section, answer Yes to the following question:
“Does this request relate to an offset multipart mortgage with differing end dates where offset is no longer required?”
When the offer is produced, early repayment charges will be included, however these won’t be charged.
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Product finder
Credit Repair client?
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:
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: