Accord Mortgage is updating its lending standards for mortgage applicants from the European Union (EU), the European Economic Area (EEA) and Switzerland due to Britain’s decision to leave the European Union.
After the end of the Brexit transition period, from Wednesday, 17 February, every EU, EEA or Swiss citizen (not an Irish citizen) who applies for a mortgage from a lender must provide proof of their place of residence.
Comparison or pre-billing status from the EU billing system is accepted by the Accord, under which applicants must present their release code on the official website to prove their residency status.
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Further, only the interim lender assured that the borrower’s lifetime value would not be limited in the event of settlement or pre-settlement.
These changes apply to housing standards and purchase criteria for rent in an agreement.
European Union, EEA or Swiss citizens who do not have settlement status in the EU can still apply for a mortgage through the Accord and the lender will be considered according to the current criteria for those who have permanent residency Do not have rights.
“We continue to support middlemen directing matters to citizens of the European Union, European Economic Area and Switzerland, and we apply our rational approach to lending,” said Nicolas Alvarez, Corporate of Accord Mortgages account Manager.
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