Accord Mortgages

Accord Mortgages is a leading mortgage lender in the UK. They are part of the Yorkshire Building Society. They offer a wide range of mortgage products to suit various needs, including first-time buyers, home movers, and people looking to buy to let. Accord is known for its competitive rates, flexible terms, and excellent customer service. They operate through a network of mortgage brokers and financial advisers. Read more about Accord Mortgages lending criteria

Self-Employed: Sole Traders 

Accord lends to self-employed sole traders. To qualify for a mortgage, you'll typically need to provide at least two years of tax returns and accounts. Nationwide will use an average of the last 2 years net profits or the latest year if lower. These documents will help assess your income stability and financial health. It's important to note that the specific requirements may vary depending on individual circumstances. Read more about Mortgages for Sole Traders

Self-Employed: Limited Company Directors 

Accord also offers mortgage options for self-employed limited company directors. How you are treated depends on what shareholding you have. If you have a shareholding less than 25% then you will be treated as employed. In general, you'll need to provide at least two years of company accounts and personal tax returns. The lender will assess your income based on both your salary and dividend payments. Read more about Mortgages for limited company directors

IT Contractors 

IT contractors can often qualify for mortgages through Accord. How you will be assessed will depend on the nature of your contract. Day rate contractors can be conisdered once they have at least 6 months of contract history. There should be at least 2 months remaining on the current contract. The lender will typically require at least two years of tax returns and accounts to verify your income. But they may also consider your employment contract history. It's advisable to have a consistent income history to increase your chances of approval. Read more about Mortgages for  IT Contractors

How Much Will Accord Lend? 

The amount Accord first twill lend depends on various factors, including your income, credit history, and the property value. As a general rule, lenders typically offer mortgage loans up to a certain multiple of your annual income. The multiples apply to your provable annual income and start at about 4.5 x's your annual income. This lender may lend up to 5.5 x's your income in certain circumstances. However, this can vary based on individual circumstances. 

First-Time Buyers: 

Accord often participates in government-backed schemes designed to help first-time buyers get on the property ladder. These schemes may include Deposit Unlock scheme and Accords boost LTI

Accords Boost LTI: This incentive may allow you to take a larger mortgage. You will need to have at least a 10% deposit and the total income on the application must be at least £60,000. Contact us to find out more

Accord Joint Borrower Sole Proprietor 

This type of mortgage may be able to help applicants who are struggling with affordability 

Accord offer Joint Borrower Sole proprietor mortgages. The joint borrower must be immediate family only, for example, Mother, Father, Grandparents, Brother or sister or children

Read more about Joint Borrower Sole Proprietor mortgages here

Accord Let to Buy

Accord may consider a Mortgage application on a residential property where the current home is being retained for letting. Accord will require that any retained mortgage is self financing. The rent should cover 145% of the mortgage loan at an interest rate of 5.5%. The mortgage secured against the let property should be suitable for let properties. You will need a letter from an ARLA registered letting agent confirming the expected rental income.

Accord Interest only

An interest only mortgage means that the borrower is only paying the mortgage interest back to the lender. Interest only is only appropriate in certain limited situations. You will need to have a repayment method. Accord will consider an interest only mortgage application. You may be able to borrow up to 60% on interest only with any additional borrowing taken on capital and interest.

Acceptable repayment methods will include Sale of Mortgage Property and Sale of other Residential Property. Other repayment methods include stocks and shares, endowments, company pensions and cash.

For sale of mortgaged property there should be at least £250k of equity at the outset

The term of the mortgage must not go beyond age 70

Accord Expatriate Mortgages

Accord does not currently accept Mortgage applications from Expatriates who are living abroad. However we are able to help in many cases with other lenders. Please read more under Mortgages for Expatriates

The information provided on this site is provided for information only. You should NOT rely on the information. We recommend you contact us to discuss any new mortgage enquiry