accord mortgages mortgage advisor

Accord Contractor Mortgages, part of the Yorkshire Building Society, operates as a broker-only lender offering a range of appealing products. These include offset mortgages, complimentary valuations, and cashback deals, among others.

Known for their contractor-friendly and flexible approach, Accord’s underwriters are proficient and have the authority to make discretionary decisions. They are committed to considering each client’s unique circumstances in their lending decisions.

Accord’s Criteria for Day Rate Contractors:

  1. Minimum Contract Value: Accord requires a minimum gross contract value of £75,000 for contractor mortgages, which translates to a daily rate of £289 over 52 weeks.
  2. Day Rate Consideration: Accord also caters to contractors on a day rate, including those with a day rate of £300 who work fewer than five days a week and fall below the £50,000 threshold.
  3. Contract Duration and History: If you have three months remaining on your contract, Accord asks for at least 12 months of contracting history. For contracts with less than three months remaining, a 24-month history is required.
  4. Remaining Contract Time: A minimum of four weeks remaining on your contract is preferable. Accord understands the short-term nature of contracts and generally does not insist on longer durations. If your contract has less than four weeks remaining, they may require an extension or a new contract.
  5. Employment Gaps: Accord is lenient with employment gaps, allowing for holidays or a few weeks off. However, multiple months off in a 12-month period might necessitate considering other lenders. Accord accepts applications with up to 8 weeks between contracts.

Gross Contract Value Calculation:

  • Accord calculates the gross contract value by multiplying the daily rate by five (for a working week) and then by 46 weeks.
  • The average daily rate from the previous year is not used in these calculations.

Example Calculations:

  • Day Rate: £217 per day x 5 days x 46 weeks = £66,470 gross contract value.
  • Hourly Rate: £42 per hour x (stipulated or 37.5 hours default) x 46 weeks = £72,450 gross contract value.

Application Requirements:

  • Proof of ID (such as a Passport or DVLA Licence).
  • Proof of Address (such as a utility bill and council tax bill).
  • Current and previous contracts (going back 12 months) with Terms and Conditions, signed and dated.
  • An up-to-date CV to demonstrate your strong work record.
  • Three months of personal and business bank statements.
  • Proof of deposit for property purchases.

Having all necessary documentation ready ensures a smooth process and enables us to present your application to Accord’s underwriters effectively, leading to a quick and positive decision.

If additional documents are required, our advisor will inform you to enhance the success chances of your application. We meticulously assess each application before submission to protect your credit file – we understand its importance and treat it with the utmost care.

For a free, no-obligation, and informal discussion about your mortgage needs, feel free to call us or submit an enquiry online.



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