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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.

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 customer's 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

Acceptable Documents

Latest 3 month's bank statements

We'll need to see these when:

There are builders’ incentives

Acceptable documents:

A description of the incentives/UK Finance Disclosure Form.

Acceptable documents:

Biometric Residence Permit or;
Valid Passport showing residence status .

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.

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

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

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

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

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

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

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.

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

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

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

 

 

CHANGING MORTGAGES FOR GOOD

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.

 

BECAUSE LIFE'S NEVER A STRAIGHT LINE

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

 

IT IS FULL OF TWISTS AND TURNS

 

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

 

CHANGING MORTGAGES FOR GOOD

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.

 

 

 

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