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Mortgage lender Accord has extended its notice period for intermediaries whose clients’ mortgages are approaching maturity.

The lender, which forms the intermediary arm of the Yorkshire Building Society, previously gave intermediaries 90 days’ notice of when their client’s deal was about to expire, however the changes which will come into place on 1 July, extend this period to 120 days.

Charles Canning, managing director of Accord, described the move as a demonstration of the lender's commitment to supporting IFAs and aimed to ensure borrowers were given ample time to identify another deal.

In addition, the lender announced that as of July, it would send a preliminary letter to borrowers whose policy was due to mature within 18 months and contact them again seven weeks before maturity if there was no evidence of an intermediary issuing a key fact find to the borrower by this point.

But while Mr Canning said procuration fees would continue to be paid on transfers to prime mortgages, he said Accord would no longer pay a procuration fee on credit repair mortgage deals for existing borrower transfers. Mr Canning said this was to incentivise rehabilitation within the borrowing market and reinforce the lender’s position as a prime lender.

He said: “The changes that we are announcing today continue to reinforce the intermediaries' relationship with their customer. Working together we can ensure that we give all customers the best opportunity to service their mortgage in the current difficult market conditions.”