Accord to only lend via nine distributors
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Accord Mortgages, the intermediary lending arm of Yorkshire Building Society is now only lending via nine distributors.
The lender says it has made the decision in a bid to cope with demand for its products.
It will now only accept business through Carrington Carr Home Finance, Legal & General Partnership, London & Country, Openwork, Personal Touch, PMS, Sesame, SimplyBiz Mortgages and Tenet Group.
Iain Smith, sales director at Accord, says: “Due to current market conditions we have decided to work with selected key lending partners only. All key lending partners affected were notified in August of the change.
“By working with key lending partners around 50% of the market still have access to Accord which continues to offer dedicated case managers, direct access to underwriters and allows brokers to grow their income with mortgage and savings products.”
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Readers' comments (7)
Bryn Lewis | 3 Nov 2009 11:05 am
I had long discounted Accord as a lender - thought they had stopped lending in fact.
What have they got to offer which causes a demand for their products? Would appreciate guidance.
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Enrico Tedesco | 3 Nov 2009 11:26 am
I cant believe you have given some PR to a lender which has been in decline for a considerable period.
Very negative article in a transitional period.
Stick to your continued policy of reporting on positive/good news/greenshoots of recovery as neither Lender, the chosen Nine Kings of middle earth nor the intermediary market as a whole would benefit greatly from the change in distribution strategy.
Enrico - Business Development Manager
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Gregg Davies | 3 Nov 2009 11:37 am
Cannot remember the last time we used Accord. Most of their USPs went ages ago.
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Darren Smith | 3 Nov 2009 11:52 am
I use Accord a fair bit and still find them to be ok. (eg. their recent 85% products.)
Being linked to one of the above I am pleased to still have them as an option.
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Anonymous | 3 Nov 2009 11:59 am
Who are Accord?
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Avenue & Co Private Finance | 3 Nov 2009 8:46 pm
Accords criteria is amongst the most difficult to get through and their rates have never been the most competitive either.
They wont pay intermediaries for transfers and they contact clients before their deal comes to an end encouraging to bypass the broker.
The best deal they have right now is a Sesame exclusive capped rate at 3.89% to 31.10.11 to 75% LTV - and we still recommend them if appropriate and they can offer a mortgage.
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Philip Ward | 4 Nov 2009 11:49 am
I used to work for Accord as a BDM and continue to hold the company & staff in high regard, though have not used them in my current role as a broker for over a year.
Like many lenders, funding issues are likely to be the root cause of their decision to contract their distribution network though these are signs of the times.
No doubt when the market fully recovers things will change
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