Accord offers longer notice of mortgage maturity

Accord Mortgages has announced it is extending the length of notice it gives advisers when their client's mortgage is about to come to an end.

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Previously the lender, which is part of the Yorkshire Building Society group, would give advisers 90 days notice, but it has increased that period to 120 days.

While a preliminary letter would be sent to Accord borrowers within 18 months of the mortgage maturity the borrower would also be contacted seven weeks before their deal expired.

Charles Canning, managing director for Accord, said the move not only demonstrated a commitment to the intermediary market but also proved it was treating customers fairly.

He said the process would give advisers ample time to contact their client but also prevented the borrower from moving on to the standard variable rate.

However, Canning also said the lender would no longer pay procuration fees on intermediaries' clients who remortgaged on to its credit repair product as it negated the purpose of the mortgage.

He said an adviser would receive a fee if their client successfully transferred from the credit repair product to a prime loan.

Canning said: "The changes that we are announcing today continue to reinforce and recognise 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.

"Accord remains one of the few intermediary lenders offering procuration fees on existing borrower transfers to its intermediary partners."

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