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 has expired, from Wednesday, February 17th, every EU, EEA or Swiss citizen (not Irish citizen) who applies for a mortgage from the lender must provide proof of his / her residence status.
The comparison or pre-billing status from the EU billing system is accepted by Accord, whereby applicants must present their release code to the government website in order to prove their residency status.
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Also, only the interim lender assured that the lifetime value of the borrower would not be limited in the event of a settlement or pre-settlement.
These changes apply to housing standards and purchase criteria for renting in an agreement.
EU, EEA or Swiss citizens who do not have settlement status in the European Union 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 directing cases to citizens of the European Union, the European Economic Area and Switzerland, and we apply our rational approach to lending,” said Nicolas Alvarez, corporate accounts manager at Accord Mortgages.
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