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Accord part of the Yorkshire Building Society - currently on a 5 year fixed mortgage at 6.19%. i wanted to take advantage of my 10% overpayment allowance which they are very keen to promote. All well in year 1, but in year 2, they reduced my standard monthly payment. so although i am allowed to pay 10% overpayment of the previous year’s balance, as they have reduce my standard monthly payment, they are in effect reducing the overpayment entitlement to approx 8% when compared to year 1 payments. Assume same will happen in subsequent years.
They are not keen to advise you that if you make over payment that they will reduce next years monthly payments. Theoretically there is nothing in their terms that prevents them from changing your monthly payment to £0, therefore reducing the amount you can pay, therefore they get more money in interest.
My advice is to stay away from Greedy Accord Mortgages and Yorkshire Building Society.