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Accord confirms direct to consumer online product transfers

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  • 09/01/2018
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Accord confirms direct to consumer online product transfers
Accord has confirmed it will be introducing a fully online product transfer process for borrowers to use directly this year.

The lender has also hinted it is considering expanding into the new build buy-to-let market.

It’s online product transfer facility will be available for brokers to use and will pay a 0.3% retention procuration fee when doing so.

However, unlike some lenders’ direct to consumer product transfer offerings, early repayment charges (ERCs) would still be payable on existing Accord loans.

In its end of year predictions, Accord Mortgages noted that the influence of technology was likely to grow further in 2018 for lenders and brokers.

It added that “retention will be a key driver for lenders as they develop a balance cultivating offerings for existing customers as well as enticing new borrowers”.

 

New build BTL

An Accord spokeswoman confirmed to Mortgage Solutions that its online product transfer process “will be available to both brokers and borrowers coming to us directly.

“Borrowers can choose to transfer to a new mortgage before their current deal ends, however we would continue to charge ERCs in this instance.”

No launch date has been set for the transfer process.

“We’re also considering new propositions for landlords, including reviewing possible new build lending options,” the lender added.

New data from Accord also showed that despite upheaval in the buy-to-let market landlords were resilient in 2017.

Half of the mortgage applications the lender received were from those affected by new regulation, with the largest influx of applications from portfolio landlords (32%), despite the lender only introducing new criteria for these landlords in September.

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