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Accord changes criteria post regulation

Accord Mortagges wil no longer seek proof of income for cases where the LTV is 75 per cent or less, under£500,000 and where the broker has given the client advice.

A series of sense checks will still apply when the case is submitted and random sampling will take place where Accord will approach the employer or accountant directly for evidence of income.

If the income has been exagerrated, Accord reserves the right t change the interest rate to SVR +1 per cent.

Accord managing director Linda Will says: “We are confident that we can roll out this approach and make our brokers&#39 lives a little easier without increasing the risk to which we&#39re exposed.”


IFAs shunning mortgage-sourcing systems

Under half of intermediaries are using mortgage-sourcing systems, according to consultancy Huntswood. Speaking at a Huntswood Outsourcing round table meeting, Council of Mortgage Lenders director general Michael Coogan expressed concern that more intermediaries were not using sourcing technology. He said the FSA would pay attention to concentrations of applications after M-Day and could track whether […]

Park Row says lenders should have been more open

Park Row managing director of mortgages Kevin Paterson says lenders should have been more open with their information in the lead up to M-Day. Paterson says sourcing systems are suffering because of the attitude of lenders. Paterson says: “The whole industry should be more open as standard.” Paterson also says Park Row will not be […]

Wilson pledges market balance

FSA director of high-street firms Sarah Wilson says the regulator will do all it can to maintain an innovative marketplace for mortgages after M-Day. Wilson told Money Marketing that the new regime – which takes effect from November 1 – would endeavour to balance the need for consumer protection with the maintenance of a wide […]

Hay aims for a simpler policy

James Hay has reintroduced its Select Sipp to the market with a new simplified application process. The Select Sipp has been off the market for seven months and is being sold as a low-cost alternative to the traditional Sipp charging structure. It has a 0.75 per cent annual charge that covers all the fees typically […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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