Foundation Updates

Sandra Robson-Clark

Head of Lending

24 September 2020

Our top tips to speed up your clients’ residential applications

We've put together our top tips to speed up your clients’ residential application.

For decisions in principle

1. Key details – Use the most accurate and up to date client information, ensuring names are correct and product type matches requirements

2. Guides to help you – view our Document Library for:

i. Criteria Guide – to ensure the application matches our criteria

ii. Acceptable Income Guide For Extra-ordinary Clients:

  • For income type and maximum percentage considered (always enter 100%)
  • See ‘key as…’ column to enter income in the portal

3. Affordability - visit our affordability calculator, to check the maximum borrowing:

  • If adding fees, these should fit within the affordability maximum.
  • The affordability maximum has to fit into the product LTV
  • Our income multiple has a 4.5x cap (excluding £4£ remortgages)

4. Self-employed clients

  • If a company director owns 20% or more of the company shares, please enter as self-employed.
  • If you enter the latest two years trading figures, the system will use the average
  • If you only have one year’s accounts, or the latest year’s increasing or stable figures to be assessed…please only enter in the latest year and leave the other field completely blank, then please add a note to the portal

5. A clear financial picture

  • Give a clear picture on recent debts paid off (if not shown on case)
  • Complete any outstanding debts to be cleared as ‘to be repaid’

For full mortgage applications 

6. Fees – please pay promptly via the link or broker portal, then we’ll commence the application

7. Something to say? – add a broker portal note, then we’ll respond to your alert

8. Residential Document Submission Guide –helps you submit required items only

  • Bank statements – only send when requested
  • Please upload each individual document - against the appropriate checklist description, to flag us to action it

9. Updates – your underwriter will own the case from application through to Certificate of Title (COT) receipt. They’ll call to discuss what’s needed to progress, having assessed the mortgage application

  • As each case is individually assessed, they will add specific items. Please upload to the checklist
  • The underwriter can assess the whole case if documentation arrives altogether, saving time overall

10. Electronic signatures  NOT accepted on any documents

11. Smooth valuation please refer to broker hub survey information

12. Offer stage  a copy of the offer is available to you once approved

  • The acting solicitor is emailed their instructions.  
  • The applicant receives their offer pack by post, to sign and date the offer of acceptance alongside the current COVID declaration
  • Please satisfy any offer conditions in plenty of time prior to completion
  • Please liaise with solicitors to ensure the offer doesn’t expire before completion

13. Drawing down/COT  we require 5 working days’ notice from the solicitors

Check our website to find key information, see call answer time and when to expect underwriter updates on the broker portal.

We are here to help!

Contact our Broker Desk team on 0344 770 8032.

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Your questions on our pipeline products and criteria answered

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