Accord Mortgages has enhanced its portability procuration fee, launched new high LTV products for transferring customers and improved its residential portability process.
The lender previously paid a procuration fee of 0.3% on the top up balance of a residential portability case but will now be paying a fee of 0.3% on the full balance of a portability case (top up and original ported balance).
Porting customers have access to products within the core range as long as they meet the minimum loan requirements. In addition, four new porting options at 85% and 90% LTV are now available to reward the loyalty of existing clients. At 85% LTV there is a two-year fixed rate at 2.00% or an offset version at 2.30%. At 90% LTV there is a two-year fixed rate at 2.99% or an offset version at 3.29%. All products are fee-free and have a minimum loan size of £3,000.
Formerly a paper-based procedure, the intermediary-only lender now has an online editable PDF form to make the process quicker and more convenient. In addition, to make applications easier in the current climate, digital signatures are being accepted temporarily.
Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “We know brokers work hard to deliver the best service for their client, whether that be a new application, product transfer or porting a mortgage. With this in mind, we have revised our fees and responded to broker feedback with improvements to the application process.
“This is just another enhancement to our offering and we hope the higher LTV porting products provide further support to brokers. As part of this latest update, we’ve also launched an additional five-year fixed rate purchase product at 90% LTV* for first-time buyers with a maximum loan size of £600,000.”