At Accord we know that as life becomes more complex, it’s not always easy to find a lender who your clients fit their exact criteria requirements. There’s a host of possible reasons for this. One that often crops up is an outgoing that can derail an application. So, it’s always great when you can find a lender who’ll show some flexibility for good quality cases.
One of the last lenders you might think to try is us. At Accord we wanted to change our approach to help you to help your customers so we’ve adopted something we grandly call ‘Principle Based Lending’ or to put it another way ‘good old common sense lending’. In other words we’ll try and find a way to lend.
Case study: Looking for a ‘yes’ not a ‘no’
A broker recently contacted one of our BDMs about a client who was looking to remortgage for £1.25m. The client’s outgoing for school fees was having a big effect on affordability. They were paying £3,700 per month in school fess and childcare. This outgoing reduced the loan to just over £1m. The clients did have over £1m in savings and they had told the broker that they wanted to use the savings to pay for school fees in the future.
After the BDM had talked it through with our underwriters, we were willing to look at the required loan. The underwriter could see that even based on 15 years of school fees the clients had enough savings to cover this outlay, plus any unexpected events. So the underwriter didn’t deduct it from their outgoings. Also the Underwriter could see the client’s lifestyle had allowed them to build up their savings right up to the application being submitted. A great example of when we’ve the ability to make a judgement call and be flexible with our criteria for a good case.
To help make sure the more complex cases go through smoothly, our BDMs will work with you, the broker, to get the necessary documents. And when the DIP is submitted the BDM will make sure there’s no hiccup in the changeover to a full application.
But it doesn’t end there. You’ll have direct access to the underwriter to discuss the case anytime you need to. It means the case is processed quickly and your client gets the mortgage at a high street rate.
So when you’ve a tricky case to place, before you pick up the phone to a specialist lender, take a few minutes to talk to us at Accord. You might be pleasantly surprised.