Accord Mortgages
Accord Mortgages | Residential & Buy-to-Let Mortgage Advice
Accord Mortgages is an intermediary-only mortgage lender offering residential and buy-to-let mortgages through mortgage brokers.
Part of the Yorkshire Building Society Group, Accord is a lender we regularly consider at Kerr & Watson for both straightforward and more involved mortgage applications.
We have arranged Accord mortgages for first-time buyers, home movers, remortgages, self-employed applicants, customers with complex income, landlords and customers requiring higher levels of borrowing.
As with any mortgage lender, whether Accord is suitable will depend on your complete circumstances. Accord’s affordability calculation, income assessment, credit profile requirements, property criteria and available mortgage products all need to be considered before an application is made.
Could Accord be the right mortgage lender for you?
Accord can work well for a wide range of applicants, but its criteria and affordability calculations will suit some circumstances better than others.
At Kerr & Watson, we compare Accord with other suitable lenders to help you understand which mortgage is most appropriate for your circumstances.
Accord Mortgages at a glance
| Accord Mortgages | |
|---|---|
| Access | Through mortgage intermediaries |
| Residential mortgages | Yes |
| Buy-to-let mortgages | Yes |
| First-time buyers | Considered |
| Self-employed applicants | Considered |
| Contractors | Considered |
| Complex income | Considered |
| Foreign nationals | Considered subject to criteria |
| New-build property | Considered subject to criteria |
| Joint Borrower Sole Proprietor | Options may be available |
| Portfolio landlords | Considered |
| First-time landlords | Considered |
| Top-slicing | May be available for qualifying buy-to-let applications |
Mortgage criteria and product availability can change. We check the latest Accord criteria before making any recommendation.
Who are Accord Mortgages?
Accord Mortgages is part of the Yorkshire Building Society Group and specialises in mortgages distributed through mortgage brokers rather than offering its new mortgage range directly through a high-street branch network.
This broker-focused approach is relevant because some applications need more than a simple comparison of mortgage rates.
The way a lender assesses income, affordability, credit history and the property itself can make a substantial difference to whether an application works.
Accord also provides brokers with access to underwriting support, which can be useful where a case needs discussion rather than relying solely on an automated lending decision.
At Kerr & Watson, Accord forms part of the wider mortgage market we consider when researching the most suitable lender for a customer.
When might we consider Accord Mortgages?
Accord can be particularly relevant where the customer’s circumstances do not fit neatly into a basic employed-income mortgage application.
We have used Accord across a wide range of cases, including self-employed customers, customers requiring higher levels of borrowing, applicants with multiple or more complex sources of income, residential purchases and remortgages, and buy-to-let landlords.
However, being able to meet one piece of Accord’s criteria does not necessarily mean Accord will be the right lender.
We also compare the overall mortgage cost, affordability, property criteria, loan-to-value, product features and the customer’s longer-term plans against other lenders before making a recommendation.
Accord mortgages for self-employed applicants
Accord can be worth considering for self-employed mortgage applicants because its assessment of business income can differ from lenders that primarily look at salary and dividends.
For some limited company directors, Accord can assess salary alongside the underlying profit generated by the company. This can be useful where a business owner retains profits within the company rather than drawing all available income personally.
There are also circumstances where Accord may consider applicants with a shorter self-employed trading history, particularly where the applicant has a strong professional background or there is sufficient evidence to demonstrate that the income is sustainable.
This does not mean that one year’s accounts will automatically be sufficient. Trading history, business performance, occupation, loan-to-value and affordability will all be relevant.
A point we check carefully with limited company directors is the relationship between dividends taken and the profit generated by the business. Accord generally expects the company’s profit to support the income being used for affordability, so another lender may occasionally be more appropriate where dividends materially exceed the relevant company profit.
Accord mortgages for complex income
Accord is also a lender we may consider for customers whose income is not simply a fixed basic salary.
Depending on the circumstances, their criteria can accommodate sources such as bonus and commission income, multiple jobs and some forms of variable income.
Accord may also consider customers who have recently changed jobs, received a pay rise or are starting a new role, subject to the evidence available and the wider application.
This can make Accord relevant for customers who have sufficient income overall but need a lender that will assess that income in an appropriate way.
At Kerr & Watson, we regularly work with customers whose income includes more than one source. You can read more about how lenders assess this on our complex income mortgages page.
Accord mortgages for contractors
Contractors can be assessed differently from permanently employed applicants, and lender criteria vary considerably.
Accord can consider a range of contractor situations and may have flexibility around previous contracting experience and gaps between contracts.
In some circumstances, day-rate contractors may be assessed using their contract value rather than relying solely on historic taxable income.
Where a contractor has recently started a new contract, we look at their previous employment or contracting history, the remaining term of the contract and how Accord is likely to assess the sustainability of the income before applying.
This is particularly important because another lender may calculate exactly the same contractor’s income very differently.
Accord mortgages for first-time buyers
Accord has a strong presence in the first-time buyer mortgage market and can be worth considering where either deposit size or borrowing capacity is an important part of the application.
Depending on the customer’s circumstances and the products available at the time, Accord may offer enhanced affordability or higher loan-to-value options aimed specifically at helping first-time buyers.
Importantly, the most appropriate first-time buyer mortgage is not determined solely by how much a lender will offer.
We also consider the monthly payment, mortgage term, fees, early repayment charges, future flexibility and how comfortable the customer is with the proposed borrowing.
Higher borrowing and Accord affordability
One reason Accord can appear in our research is its affordability calculation.
Some customers may be able to achieve a higher borrowing amount with Accord than with lenders whose income multiples or affordability assessment are more restrictive.
This can be particularly relevant for higher earners and certain first-time buyer applications.
However, headline income multiples should never be viewed as guaranteed borrowing amounts.
The actual mortgage available will depend on factors including household expenditure, loans and credit commitments, dependants, mortgage term, interest rate stress testing and the customer’s overall financial position.
We therefore calculate affordability with Accord alongside other suitable lenders rather than selecting a lender purely because it advertises a higher potential income multiple.
Accord mortgages for foreign nationals
Accord can also be relevant for some foreign national mortgage applications.
Their criteria can accommodate applicants who do not yet have Indefinite Leave to Remain, subject to factors such as income, visa status, loan-to-value and the circumstances of any joint applicant.
This is an area where Accord can differ from lenders that require permanent residency or impose longer minimum residency periods before considering higher loan-to-value lending.
Foreign national mortgage criteria can be particularly detailed, so we check the applicant’s exact visa, income, UK residency history, deposit and property before recommending a lender.
Accord and new-build mortgages
Accord can lend on new-build properties, including houses and flats subject to its current lending limits and the property meeting valuation and warranty requirements.
New-build lending is an area where lender criteria can vary substantially.
The type of property, development, warranty provider, concentration of investment properties and the valuer’s comments can all affect whether a lender is prepared to proceed.
Accord can also consider some unusual situations involving older properties where the original new-build warranty is unavailable, although these cases are normally subject to individual underwriting and valuation.
We therefore check the property itself rather than assuming a mortgage is acceptable simply because Accord lends on new builds generally.
Accord Joint Borrower Sole Proprietor mortgages
Accord may also provide Joint Borrower Sole Proprietor mortgage options.
A Joint Borrower Sole Proprietor mortgage allows more than one person to be responsible for the mortgage while fewer people are named as legal owners of the property.
This can sometimes be useful where a parent or family member is helping with affordability but does not need to own a share of the property.
JBSP cases require careful consideration of affordability, ownership, tax and legal implications, so they should not be selected purely because they increase the amount that can be borrowed.
Accord buy-to-let mortgages
Accord also operates a substantial buy-to-let mortgage proposition.
We may consider Accord for first-time landlords, established landlords and portfolio landlords, depending on the property and wider application.
One useful feature of Accord’s buy-to-let criteria is that it does not simply rely on a blanket minimum personal income requirement for every landlord application.
The lender will still need to be satisfied with the overall application, and evidence of income or financial resilience may be required depending on the circumstances.
This can make Accord worth considering where an applicant’s rental property is financially sound but their personal income does not fit lenders that impose rigid minimum income thresholds.
Buy-to-let top-slicing
Accord can also offer top-slicing in appropriate cases.
Top-slicing allows personal earned income to support a buy-to-let application where the property’s rental income does not quite meet the lender’s normal rental stress calculation.
This can be particularly useful for higher-income landlords where the rental shortfall is relatively modest.
Top-slicing does not automatically make an otherwise unaffordable buy-to-let viable. Accord will still assess the customer’s personal affordability and wider financial commitments.
First-time landlords
Accord can consider first-time landlords, including some customers purchasing their first investment property.
This can distinguish Accord from lenders that require an established history of owning and letting property before they will lend.
First-time landlord cases are still assessed carefully, particularly where the applicant is also a first-time buyer or where there is a concern that the property could actually be intended for the applicant’s own occupation.
Portfolio landlords
Accord can also lend to portfolio landlords.
For larger portfolios, the lender will consider the performance of the wider portfolio as well as the individual property being mortgaged.
This means that existing mortgage balances, rental income and the overall portfolio position can affect the outcome even where the new property itself comfortably passes the normal rental calculation.
Where Accord may not be suitable
Accord has broad criteria, but it will not be the right lender for every case.
For example, its treatment of self-employed income means we need to check that company profits support the income being used for affordability.
On buy-to-let applications, the property normally needs to be in a lettable condition when it is valued. A property requiring substantial work before it can be rented may therefore require a different lender or short-term finance initially.
Accord may also be cautious about heavily investor-led developments where the valuer considers future saleability or lender concentration to be a concern.
These are good examples of why we do not recommend a mortgage lender based on one favourable piece of criteria alone.
Our experience arranging Accord mortgages
Accord is not simply a lender we have researched for this page. Kerr & Watson has arranged a significant number of Accord mortgages for customers.
Our experience includes residential purchases, remortgages, product transfers, further advances and buy-to-let remortgages.
We have also used Accord for customers with circumstances including self-employment, higher borrowing requirements, complex income and credit-history considerations.
That experience helps us understand where Accord’s criteria can work well and where another lender may be more appropriate.
It also means that before submitting an application, we can consider how the case is likely to be assessed rather than simply reading a headline lending policy.
An Accord buy-to-let case we arranged
One Accord case involved a landlord looking to remortgage a buy-to-let property while raising money to repay credit card debt.
The case was more complicated because the customer’s income came from maintenance payments and Universal Credit rather than conventional employment or established self-employed earnings.
A number of lenders impose minimum personal income requirements on buy-to-let applications, which reduced the available options.
After reviewing the customer’s circumstances, we identified Accord as a lender whose buy-to-let criteria could potentially accommodate the case.
We worked through the application with Accord and arranged the required interest-only buy-to-let remortgage, allowing the customer to raise the funds required.
You can read the full case here: Buy-to-Let Remortgage to Consolidate Debt
This is a good example of why lender selection involves more than comparing interest rates. The lender needed to be comfortable with the customer’s income, the purpose of the additional borrowing, the buy-to-let property and the requested mortgage structure.
What we check before recommending Accord
Before recommending an Accord mortgage, we consider whether Accord’s treatment of your income, credit profile and property works for your particular circumstances.
We also compare Accord with other suitable lenders on affordability, mortgage rate, fees, early repayment charges, incentives, product flexibility and the total cost of the mortgage.
For buy-to-let customers, we additionally consider the rental calculation, tax position, portfolio background, landlord experience and whether personal income needs to support the application.
Accord may have criteria that fit your circumstances particularly well, but that does not automatically mean an Accord mortgage will be the most suitable recommendation.
Do you have to use Accord Mortgages?
No.
Even if Accord’s criteria appear to fit your circumstances, there may be other lenders offering a more suitable mortgage.
Kerr & Watson is an independent, whole-of-market mortgage brokerage. We are therefore able to compare Accord against other lenders rather than being restricted to Accord’s mortgage products.
Where another lender offers a more appropriate combination of affordability, criteria and overall mortgage cost, we can recommend that lender instead.
Accord Mortgages Case Studies
We have helped customers secure mortgages with Accord Mortgages in a range of circumstances, including cases where the applicant’s credit history needed careful consideration.
The case study below shows a real example of a home mover we helped where adverse credit formed part of the application. It demonstrates how the customer’s wider circumstances, deposit, income and credit profile were considered when identifying a suitable mortgage option.
Speak to a mortgage adviser about Accord Mortgages
If you are considering an Accord mortgage, we can review your circumstances before an application is made.
We will look at your income, deposit or equity, credit history, property and mortgage requirements before comparing Accord with other suitable lenders.
This can be particularly useful if you are self-employed, have complex or variable income, need a higher borrowing amount, are buying your first home or are arranging a buy-to-let mortgage.
Lender criteria, affordability calculations, product availability and lending terms can change. The information on this page is intended as a general guide and should not be relied upon as confirmation that a lender will accept a particular application or that a particular mortgage or finance product will be suitable for you.
The information on this page does not constitute personalised mortgage advice or a recommendation. The regulatory status of a mortgage or loan depends on the type of transaction and your circumstances. Many buy-to-let and commercial mortgages, and some bridging loans, are not regulated by the Financial Conduct Authority. Your home or other property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
Your Mortgage In 3 Easy Steps…
Conversation
Schedule a call to speak to a mortgage adviser about your circumstances, borrowing requirements and property plans.
Alternatively give us a call on 01252 224620 or email us on info@kerrandwatson.co.uk.
Research
We will use the information you’ve provided to research suitable mortgage options across the market and explain our recommendation to you.
If you need an Agreement in Principle, we can also arrange this as part of the process.
Application
Once you’re ready to proceed, we will submit the full mortgage application and supporting documents to the lender.
We will liaise with the lender and its underwriters, respond to any additional requirements and keep you updated until the mortgage offer is issued and through to completion.
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