Hi
I would be very grateful for any advice / experience anyone could offer based on my situation below.
We have had an offer accepted on a property at £600,000 give or take a few pounds.
We are first time buyers and are looking for a 75% LTV mortgage. We have a combined salary of £144,000.
We have been looking to buy for some time and are really keen to secure this property. It is in a fairly high demand area and, although the agent has taken it "off the market", we are very aware that it won't be ours until it is ours. We do not want to risk the sale falling through.
Our broker has found a good rate on a 5yr fix with Accord which I think we would like to go with.
We have done extensive searches on here and elsewhere in an effort to learn more about the various lenders and their service standards and policies. Our findings on Accord are mixed. There do seem to be several complaints about the length of time it takes for them to approve a mortgage offer, although our broker suggests they are no different to any other lender in this respect. There also seem to be some complaints from applicants who have been denied when they thought approval would just be a formality, but I would assume our broker would have mentioned it if he thought this was a material risk for us (taking into account our financial circumstances).
Does anyone have recent experience of applying for a mortgage with Accord ?
Is the process from application to offer excessively long and drawn out ? Their website suggests an average of 15 working days, which strikes me as fairly long but as an FTB I do not really have much to compare this against. We are concerned that the longer we wait for a final mortgage offer, the greater the the risk that we lose our property. We really do not want this to happen and would certainly consider a slightly less attractive rate if that choice made the difference between getting the property and losing it.
Also, are they known to be particularly picky with their offers ? As I mention above there are a few complaints on here from people who thought the final offer would be just a formality but who ended up being turned down. I know there are some brokers on this site, so I would be particularly grateful for any information you might have, taking into account our LTV, salary etc.
Any thoughts and advice would be gratefully received.
I would be very grateful for any advice / experience anyone could offer based on my situation below.
We have had an offer accepted on a property at £600,000 give or take a few pounds.
We are first time buyers and are looking for a 75% LTV mortgage. We have a combined salary of £144,000.
We have been looking to buy for some time and are really keen to secure this property. It is in a fairly high demand area and, although the agent has taken it "off the market", we are very aware that it won't be ours until it is ours. We do not want to risk the sale falling through.
Our broker has found a good rate on a 5yr fix with Accord which I think we would like to go with.
We have done extensive searches on here and elsewhere in an effort to learn more about the various lenders and their service standards and policies. Our findings on Accord are mixed. There do seem to be several complaints about the length of time it takes for them to approve a mortgage offer, although our broker suggests they are no different to any other lender in this respect. There also seem to be some complaints from applicants who have been denied when they thought approval would just be a formality, but I would assume our broker would have mentioned it if he thought this was a material risk for us (taking into account our financial circumstances).
Does anyone have recent experience of applying for a mortgage with Accord ?
Is the process from application to offer excessively long and drawn out ? Their website suggests an average of 15 working days, which strikes me as fairly long but as an FTB I do not really have much to compare this against. We are concerned that the longer we wait for a final mortgage offer, the greater the the risk that we lose our property. We really do not want this to happen and would certainly consider a slightly less attractive rate if that choice made the difference between getting the property and losing it.
Also, are they known to be particularly picky with their offers ? As I mention above there are a few complaints on here from people who thought the final offer would be just a formality but who ended up being turned down. I know there are some brokers on this site, so I would be particularly grateful for any information you might have, taking into account our LTV, salary etc.
Any thoughts and advice would be gratefully received.