Accord Mortgages is updating its lending standards for mortgage applicants from the European Union (EU), European Economic Area (EEA) and Switzerland due to the UK’s decision to leave the European Union.
After the Brexit transition period ends, effective Wednesday 17 February every citizen of the European Union, the European Economic Area or a Swiss citizen (not an Irish citizen) must apply for a mortgage from the lender to provide evidence of their residency status.
Comparison or prepayment status of billing system in the European Union is accepted by Accord, as applicants must submit their version code to the government website to prove their residency status.
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Also, only the temporary lender assured that the borrower’s lifetime value would not be limited in the event of settlement or pre-settlement.
These changes apply to the housing and rental purchase criteria in the agreement.
EU, EEA or Swiss citizens who do not have settlement status in the EU can still apply for a mortgage through Accord and will be considered according to the lender’s current criteria for those who do not have permanent residence rights.
“We continue to support intermediaries who bring cases to citizens of the European Union, the European Economic Area and Switzerland, and apply our rational approach to lending,” said Nicholas Alvarez, Corporate Accounts Manager at Accord Mortgages.
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