Accord Mortgages

[framework]

Does anyone have any prior experience with Accord?
Apparently part of Yorkshire B.S.

I am currently in mid application with them and it feels like a real inquistition is underway on every aspect of both personal and business finances.
To date i have provided the following.

1. 3 years completed accounts for the business
2. Personal bank statements for myself and my wife
3. Current mortage lenders detail
4. Proof of address at current address - more than 5 years
5. copy of current contract

Now they are coming back and asking for 3 months statements for the ltd company bank account. I really do not see how this is related to a personal mortgage application so i told them i would not be supplying this information. As yet i have had no repsonse.
I asked the broker if this is normal practise and apparently it is !
He also mentioned that my application would be deemed by them as "high risk" given that i was a contractor and also that i wanted a 90% deal. Seems like we are going backwards with a mindset like that im afraid !!

Anyone any experience of this provider and possible other options for a business with 3 years completed accounts ??

[captainham]

Have you tried the specialists such as contractorfinancials?

[Pondlife]

It doesn't sound that unreasonable if you're asking for 90% LTV IMVHO. You mentioned an existing lender - is this a new purchase or are you remortgaging. Do you pay min wage plus divvies up to the threshold or more/less. How does this value sit as a % of the amount you're asking for.

With all the 100% self-cert crap that was lent you can see why they would be cautious about someone who doesn't fit in the standard tick boxes.

As someone metioned, if it's that bad go to a specialist who understands the way you operate.

[Maslins]

No direct experience with that provider, but we've certainly seen mortgage info requests getting more and more onerous.

The problem is, as soon as you say "that's ridiculous I'm not providing that" chances are they'll say "well you can't have the mortgage then". Lenders aren't generally keen on lending at the moment, so unfortunately I don't think you're in much of a position to be calling the shots.

[framework]

It doesn't sound that unreasonable if you're asking for 90% LTV IMVHO. You mentioned an existing lender - is this a new purchase or are you remortgaging. Do you pay min wage plus divvies up to the threshold or more/less. How does this value sit as a % of the amount you're asking for.

With all the 100% self-cert crap that was lent you can see why they would be cautious about someone who doesn't fit in the standard tick boxes.

As someone metioned, if it's that bad go to a specialist who understands the way you operate.

No, its a new purchase. Current house will be rented out.
If its a necessity to provide this then fine, its just that i fail to understand how the comings and goings in the business account are linked to a personal mortgage. I would ahve thought that 3 years accounts would have been sufficient in this regard given that they have already contacted my accountant to "verify" the content of the accounts.

Will wait and see how they respond.

[Pondlife]

No, its a new purchase. Current house will be rented out.
If its a necessity to provide this then fine, its just that i fail to understand how the comings and goings in the business account are linked to a personal mortgage. I would ahve thought that 3 years accounts would have been sufficient in this regard given that they have already contacted my accountant to "verify" the content of the accounts.

Will wait and see how they respond.

I should think you're getting away lightly. Obviously there aren't any figs being posted (and I'm not asking) but I'm surprised they're not asking for more info on the existing mortgage and how much the rental will cover etc.

As far as they are concerned you have 'no fixed employment', small salary and large performance related bonus, an existing mortgage and you want 90% LTV. I'm not having a pop but you have to see that you (we) don't come across as their idea of the perfect customer.

[Scrag Meister]

Does anyone have any prior experience with Accord?
Apparently part of Yorkshire B.S.

I am currently in mid application with them and it feels like a real inquistition is underway on every aspect of both personal and business finances.
To date i have provided the following.

1. 3 years completed accounts for the business
2. Personal bank statements for myself and my wife
3. Current mortage lenders detail
4. Proof of address at current address - more than 5 years
5. copy of current contract

Now they are coming back and asking for 3 months statements for the ltd company bank account. I really do not see how this is related to a personal mortgage application so i told them i would not be supplying this information. As yet i have had no repsonse.
I asked the broker if this is normal practise and apparently it is !
He also mentioned that my application would be deemed by them as "high risk" given that i was a contractor and also that i wanted a 90% deal. Seems like we are going backwards with a mindset like that im afraid !!

Anyone any experience of this provider and possible other options for a business with 3 years completed accounts ??

Sounds like a similar amount of information that I had to supply to my current mortgage holder back in 2009.

Too many people were lying through their teeth back in the day and look where we are now. Up tulip creek.

Lenders are just a whole lot more careful than they were 4-5 years ago, back in the NINJA mortgage days when even a tramp's dog could get a mortgage.

[Alan @ BroomeAffinity]

Par for the course. I don't think they are being unreasonable at all tbh. And I think its obvious that the operations of the company has a direct link to the payment of your mortgage: All of your income (presumably) comes from it, and it's health has a direct bearing on your ability to pay. (Although the same argument could be made if you were permie and its unlikely they'd want to see your employer's accounts.)

As someone (Maslins?) said already: If you don't provide the info, they won't lend. Unless there's something in the company account you don't want them to see then there's no problem anyway, surely?

[speling bee]

Am with Accord via Contractor Money. Sounds like what they asked for 2 years ago.

[Fandango]

I've just secured a new Mortgage with HSBC with a similar set up to yourself (keeping our exisiting property & renting it out and getting a 80% LTV mortgage on the new property).

I just needed 3 years accounts, existing mortgage details (so thaey have an idea of what other financial commitments you have), personal bank statements for me and my wife, so they could see regular outgoings etc and that was about it. I didn't have to show company bank statements(although i took them along with me just in case)

If you want the mortgage then it's unfortunately a case of showing them whatever they ask for, what harm can showing them the company statements do?