If you are thinking of borrowing from Accord, make sure to familiarise yourself with exactly what they have to offer and you will be better positioned to make the right decision for you.
Compare Accord mortgages
Borrowers who wish to borrow with Accord Mortgages should consider the following benefits and restrictions before making a final decision.
Benefits of Accord mortgages
Accord Mortgages customers can benefits from the following:
- Borrow up to 85% of the value of your property on a new build or 95% on older properties
- Valuations are typically instructed within 24 hours of receiving an application
- Various products aimed at first time buyers
Restrictions on Accord mortgages
- Applicants must be at least 18 years old
- All loans must be repaid by age 75
- Mortgages are only offered on a capital and interest basis
- Additional lending is only available to those who have had their existing mortgage for at least 6 months and have made all repayments on time to date
- Failing to keep up with repayments may affect your credit rating and put your home at risk
Remortgaging with Accord
Accord offer remortgaging up to a maximum 90% loan-to-value ratio (see below).
They accept remortgaging requests for a variety of reasons, including raising capital and home improvements. They do not, however, allow remortgaging for the purposes of raising capital for a business.
Accord second charge mortgages
If you need to raise extra finance but do not wish to remortgage, you may be able to apply for a second charge mortgage.
This allows you to borrow more against the value of your home as a separate loan on top of your existing mortgage. Legally, a first mortgage has precedence over a second charge mortgage, hence the name.
Loan-to-value ratio
How much you can borrow against your home or any other property will depend on your loan-to-value (LTV) ratio.
This is a metric lenders use to balance how much you are intending to leverage against your property versus the market value of the property. This takes into account both your existing borrowing and any new loans you are seeking to take out.
So, if your property is worth £100,000 and you have an existing mortgage for £50,000 and wish to borrow an additional £25,000 this would give you total borrowing of £75,000 against the £100,000 value of the house.
This means your borrowing would equal 75% of the value of your home and this is your loan-to-value figure.
Find the best deals on mortgage rates
With so many different brands and types of mortgages available across the market, finding the best fit for your needs and financial circumstances can be confusing.
Our mortgage calculator takes the hassle out of the equation.
Simply put in some basic details, including how much you want to borrow and how long for and we will show you the best deals for you from across the industry. Head to the top of the page to try it out.
