• VIDA'S PROCESS & SERVICE

5 stages to a faster mortgage application

We're always listening to your feedback in order to help us deliver an outstanding customer experience. As a result we have invested heavily in improving our underwriting process to give you what you need from a specialist lender; including 5 simple stages to a faster mortgage application

1. APPLICATION STAGE - OFF WE GO!

Did you know that we have a set of MANDATORY DOCUMENTS which we ask to be uploaded before the case can be submitted? The mandatory documents we request are tailored to your customers application. This is to ensure we have everything we need to process your case as quickly as possible.

GET TO KNOW WHICH MANDATORY DOCUMENTS WE MAY ASK FOR
  • GENERAL

      The documents below could be requested on any application. Please also refer to the BTL self-funding and the Residential & BTL top slicing sections where applicable.

      3 month's bank statements

      Acceptable Documents

        • Latest 3 month's bank statements

      Disclosure of incentives

      We'll need to see these when:

        • There are builders’ incentives

      Acceptable documents

        • A description of the incentives/UK Finance Disclosure Form.

      Permanent right to reside

      Acceptable documents:

        • Biometric Residence Permit or;

       • Valid Passport showing residence status .

      Proof of ID

      We'll need to see these when:

        • We're unable to verify your clients identity electronically

      Acceptable documents:

        • Valid UK/Non-UK Passport

        • Valid UK Driving Licence – photo card (full or provisional).

        • Valid national ID card.

        • HM Forces ID Card.

        • Police Warrant Card.

        • UK Firearms Licence or Shotgun Certificate – current.

       

      Proof of residency

      We'll need to see these when:

        • We are unable to verify your client's last two years residency electronically.

      Acceptable documents

        • Utility bill (internet statements will only be considered as proof of current address).

       • Bank/credit card statements showing full name and address (internet statements will be considered as proof of current address).

       • HM Revenue & Customs correspondence or benefit letter.

       • Mortgage/Council Rent statement.

       • Latest Council Tax Bill

       • Valid UK Driving Licence

      Purpose of loan - business purposes (BTL only)

      We'll need to see these when:

        • Your client is capital raising for business purposes

      Acceptable documents

        • Explanation of business purposes and last 2 years' accounts

      Source of deposit

      We'll need to see these when:

        • The mortgage type is purchase.

      Acceptable documents

       • Bank/savings statements (showing build-up over time)

        • UK Finance Disclosure of Incentives form if builder deposit

       • Confirmation of Gifted deposit declaration

       • Inheritance letter from solicitor if inheritance is source of deposit.

       • Written confirmation from vendor if vendor deposit

       

      HTB ISA

      We'll need to see these when:

        • Your client's deposit comprises of a HTB ISA

      Acceptable documents

        • Latest ISA statement

  • SELF FUNDING BUY TO LET

      The below documents will only apply to self funding BTL applications. Please also refer to the General section for other documents which may apply.

      Verification of tax status

      We'll need to see these when:

        • The loan is not affordable based on High Rate Tax Payer Coverage (140%)

      Acceptable documents:

        • Verification of Employment form – if employed and no rental properties already owned

       • SA302. Tax Calculation & Tax Year Overview – Self-Employed

       • Verification of Self-Employment form

      BTL portfolio

      We'll need to see these when:

        • Your client has more than 1 BTL property.

      Acceptable documents

       • Click for BTL HUB Submission

       • Vida Portfolio Template, you can download this, here

      TOP TIP: Please include all rental properties owned individually or through limited companies. Commercial Lets do not need to be included.

      Business plan

      We'll need to see these when:

        • Your client has more than 3 mortgaged BTL properties

      Acceptable documents

       • Vida Business Plan, you can download this, here

      Expat proof of ID

      We'll need to see these when:

        • Your client is an expat

      Acceptable documents

       • Valid UK Passport.

      TOP TIP: Spouses who are non-British citizens can be party to the mortgage..

      Expat proof of overseas address

      We'll need to see these when:

        • Your client is an expat

      Acceptable documents:

       • Utility bill (internet statements will be considered for proof of current address).

       • Bank/credit card statements showing full name and address (internet statements will be considered for proof of current address).

       • Mortgage/Council Rent statement.

       • If the only available overseas address is a PO Box number, this will be acceptable supported by an employer’s letter on company letterheaded paper confirming the employee’s address and the last 3 month’s payslips showing the salary credits into the customer’s bank account. If self-employed, proof of residency from their accountant. Residency cards are also acceptable if dated within the last 3 months.

  • RESIDENTIAL & FTB BUY TO LET & TOP SLICING

      The below documents will only apply to Residential, FTB Buy to Let and top slicing applications. Please also refer to the General section for other documents which may apply.

      Proof of income / proof of self-employed income

      We'll need to see these when:

       • It is a Residential application or;

       • Your client is top slicing (BTL) or;

       • Your client is a First Time Buyer BTL

      Acceptable documents

       • Latest 3 month’s payslips

       • Latest SA302 & Tax Year Overview

       • Accountants Reference

       • Latest contract if your client is a contractor

       

DON'T FORGET TO TELL US YOUR CUSTOMER'S STORY AND LOOK OUT FOR THE SUBMIT BUTTON!

2. POST SUBMISSION - OVER TO US...

As soon as we have all the mandatory documents your case will be checked and allocated to an Underwriter for initial assessment. We'll let you know straight away about any issues or if any mandatory documents are missing

3. INITIAL ASSESSMENT - LOOKING GOOD

Once your application passes the Underwriters initial review, the valuation will be instructed at this stage. Your case underwriter will contact you directly, should any further information be required.

4. ADDITIONAL INFORMATION - ALMOST DONE!

If we need any further information, our friendly Administration team will be in touch to ask for any outstanding documentation.

5. FINAL APPROVAL

Once any outstanding documents and the valuation report have been received, the case will be passed to an Underwriter for review and, providing no further information is required, offer.