Accord shows brokers support with policy changes
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From July 1, brokers will attract a proc fee for credit repair cases transferring to Accord prime range products, as long as they are within LTV categories. Accord’s current LTV is 90%.
But the intermediary lender has decided it will no longer pay proc fees on credit repair Existing Borrower Transfers.
Accord, the intermediary arm of Yorkshire Building Society, maintains that it still recognises the role intermediaries have to play. As part of the policy changes, Accord has extended its notice period to brokers prior to a customer’s product’s end date from 90 days to 120 days. It says this is to allow the broker sufficient time to arrange a new mortgage.
The lender also says that the changes mark a more pro-active approach to business retention. If there is no evidence of a broker issuing a KFI seven weeks before a product is due to end, Accord will contact the borrower directly to check continuing mortgage facilities are still in place.
Charles Canning, managing director of Accord, says: “The changes that we are making will reinforce the fact that our focus is on prime residential lending, and that we continue to have a presence in the credit repair market.”
Canning adds: “These changes 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.”
