July application trends

  • 63% on purchase & 37% remortgage
  • Fixed rates account for the majority of business with 5yrs + fixed rates 42 %

New Mortgage Platform Coming soon

  • Our new broker platform is called MSO ( Mortgage Source Origination) and we have started the rollout with a pilot firm to test the system.
  • You will have seen the update I sent out recently giving some high level information as to what the system can do and a selection of your firms anticipated roll out dates.
  • Please remind your firms not to delete the registration email when they get it and if they have any queries to contact their BDM

Product Changes

  • New 7 yr Residential Fixed rate launched

Criteria Changes

  • Amendments to rules on Debt Consolidation and we will now allow the following reasons
    • To repay a one off tax liability
    • To repay a family member where a lump sum was given and there have been no monthly repayments by the client or interest charged by the family member.

Growth Series

Please mention the Growth Series to your firms as the feedback we have had has been amazing, firms are finding the content has improved business levels or created better working practices. Registrations from brokers to access our great library of podcasts, blogs and guides is growing each month.

To access the Growth Series Library and see what we have available for brokers follow this link

If you would like to talk about how we can support your firms with some of the content please get in touch.

New in July were the following podcasts and blogs.

  • Podcasts
    • Generating Web Enquiries using CRO ( Customer Rate Optimisation)
    • How to support Vulnerable Customers
  • Blogs
    • Why brokers need a customer retention strategy
    • 5 Retention Strategies for Mortgage Brokers
      • You can download the guide to increasing client retention here

Reminder

  • Offset accounted for 4% of our business in July and remains a valuable part of our product offering but sometimes is seen as a complicated product.
  • In reality it is a very straight forward product that utilises a client’s savings and for the right clients could save them £1000’s in interest payments.
  • We are one of the few Offset Lenders that offer fixed rates so clients get the security of knowing what their payments will be.
  • We also allow Offset on our Interest Only criteria.
  • There is a useful section of our website dedicated to Offset to support brokers here or go to www.accordmortgages.com/products/offset/index.html 

Service

  • Valuations instructed within 48hrs ( 24hrs for New Build)
  • Current average time to offer – Residential 10 days – BTL 15 days
  • Referred DIPs responded to in less than an hour on Residential and 1hr 30mins on BTL
  • To help us improve offer turnaround times please upload documents as soon possible.