Accord to offer fully online product transfers

Accord to offer fully online product transfers

Accord is planning to launch a fully online product transfer process this year as part of a digital transformation of mortgage borrowing.

The intermediary arm of the Yorkshire Building Society said retention is set to be a key focus for lenders in 2018, and the online process will make life easier for brokers, who will also receive a 0.3 per cent procuration fee on completion of the transfers.

David Robinson, national intermediary sales manager at Accord, said the housebuying process will see the removal of manual processes and greater integration with associated services such as real-time affordability checking and conveyancing during 2018.

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He said: "The challenge will be in joining up all the elements and third parties in the mortgage ecosystem to provide a transparent and seamless end-to-end process across all channels to market."

But despite the digital enhancements, Mr Robinson predicted brokers would remain integral to the mortgage process and grow their market share.

"Approximately three quarters of lenders saw an increase in applications through intermediaries and many consumers still prefer to receive human advice on the most important financial decision of their lives," he said.

"Even digital or so called 'robo-advisers' still have a human element in the process, whilst technology does the heavy lifting."

Accord plans to branch out to new market segments following the relaunch of interest-only mortgages this year, and also pledged to support landlords.

Mr Robinson floated the possibility of a review of new build lending options for landlords in the new year.

He said: "The intermediary market is in a strong position and is set to increase its share of the mortgage market even further in 2018.

"Accord is committed to working together with brokers to meet clients' needs during what we hope will be another successful year."