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What Eligibility Rules Apply to Day Rate Contractors at Accord?

Accord Contractor Mortgages, an integral part of the Yorkshire Building Society, provides brokers with an exclusive range of mortgage products, including offset mortgages, complimentary valuations, and attractive cashback offers. Their approach is meticulously tailored to efficiently meet the varied requirements of clients.

Known for their adaptable nature, Accord’s underwriters are granted the authority to make discretionary decisions, ensuring a personalised assessment of each client’s unique financial situation. This flexibility allows for bespoke mortgage solutions that are specifically tailored to individual requirements.

Accord Mortgages

Who Are Accord Mortgages?

Accord Mortgages is a dedicated branch of the Yorkshire Building Society, committed to distributing mortgage products solely through qualified mortgage advisors who exemplify a high standard of excellence. This approach ensures that their mortgages are accessible exclusively via intermediaries, underscoring the value of specialized advice and tailored financial solutions.
As a component of the expansive Yorkshire Building Society network, Accord benefits from an extensive reach that includes over 200 locations throughout England and the Isle of Man. Situated in Bradford with its registered office in Leeds, Accord Mortgages maintains a prominent role in the UK financial landscape.

What Eligibility Rules Apply to Day Rate Contractors at Accord?

Accord Mortgages sets clear criteria for day rate contractors seeking mortgage approval to ensure financial stability and reliability.

Key Eligibility Requirements

Minimum Contract Value

Accord mandates a minimum annual gross contract value of £75,000, equating to a daily rate of £289 over a year.

Day Rate Consideration

Contractors with a daily rate of £300, even working fewer than five days a week, are eligible if their annual earnings exceed £50,000.

Contract Duration and History

Applicants need at least 12 months of contracting history with three months left on the current contract.

Remaining Contract Time

A minimum of four weeks remaining on your contract is preferred to ensure stability; less may require additional proof.

Employment Gaps

Gaps in employment are permissible up to eight weeks annually, promoting flexibility without compromising loan security.

Accord’s Formula for Determining Gross Contract Value

Accord Mortgages utilises a straightforward method to compute the gross contract value for contractors, focusing solely on current rates rather than historical earnings.

Detailed Calculation Process

To determine the gross contract value, Accord multiplies the contractor’s daily rate by five, representing a typical work week, and then multiplies this figure by 46 to account for the annual working weeks. This formula ensures that the calculation reflects the potential annual earnings without considering fluctuations from the previous year’s daily rates.

Examples of Gross Contract Value Calculation

For example, a day rate of £217 results in a gross contract value of £66,470 when calculated at £217 per day for 5 days a week over 46 weeks. Similarly, an hourly rate of £42 over a 37.5-hour week for 46 weeks totals £72,450.v

What Documents Are Needed for Mortgage Approval with Accord?

To successfully apply for mortgage approval with Accord, you’ll need to gather several important documents:

Application Requirements

Proof of Identity and Residence

  • Valid Passport or DVLA Licence
  • Utility bill and council tax bill for address verification

    • Employment and Income Verification

    • Current and previous contracts from the last 12 months, with Terms and Conditions, all signed and dated
    • An up-to-date CV reflecting a strong work record
    • Three months of both personal and business bank statements

    Financial Preparedness

    Having all required documents prepared streamlines the process and enhances the likelihood of approval by Accord’s underwriters. If additional documents are necessary, our advisors will guide you to boost your application’s success. We carefully assess each application to protect your credit file.

    Why Is a Broker Essential After a Decline from Accord Mortgages?

    When Accord Mortgages declines your application, engaging a skilled mortgage broker can be crucial. They understand the reasons behind a mortgage rejection and can recommend alternative financing options that may suit your situation better.

    Working with a broker like Mortgage Knight offers essential insights into your financial profile and helps prepare you for future applications. Their expertise can greatly increase your chances of securing a mortgage, facilitating a smoother path to homeownership.

    Conclusion

    Accord Mortgages, as part of the Yorkshire Building Society, stands out in the mortgage industry by offering tailored solutions through a network of dedicated brokers. Their flexible underwriting process and exclusive product offerings ensure that each client’s financial needs are met with precision, enhancing the prospects for mortgage approval.
    For those going through the complexities of securing a mortgage, especially contractors with unique employment scenarios, Accord’s structured approach and supportive documentation requirements pave the way for successful applications. Engaging with a knowledgeable broker can further streamline this process, maximizing your chances of achieving your homeownership goals.

    Frequently Asked Questions

    Accord provides exclusive mortgage products such as offset mortgages, complimentary valuations, and attractive cashback offers through brokers only.

    Accord’s underwriters have the discretion to make personalized decisions, allowing for custom mortgage solutions based on each client’s financial details.

    Day rate contractors must have a minimum annual gross contract value of £75,000 and at least 12 months of contracting history to qualify.

    Accord calculates this by multiplying the contractor’s daily rate by five (for a workweek) and then by 46 (for the number of workweeks per year).

    Applicants need a valid passport or DVLA licence, utility bills, council tax bill, signed contracts, an updated CV, and recent bank statements.