To understand how these cases are handled, here is a simple outline of the process involved:
1. You contact us with your enquiry
Call our Deal Placement Team: 0845 148 9238
Fill out our enquiry form: Enquire now
Request a call back: Call me back
2. We select a lender and finance option
Your enquiry will be assessed by one of our specialist consultants who will select the most suitable lender and type of finance for the deal - and discuss it with you of course! Currently we are the only broker with direct access to all of the specialist buy to let and commercial lenders and our knowledge of their criteria is comprehensive.
3. We send you indicative terms
Within 24 hours of receiving your enquiry – usually sooner - our consultant will send you indicative terms for the most suitable financial option. Cases which are outside standard criteria will need to be referred to the lender for approval. In these instances the timescales will be longer but our consultants will keep you informed of the situation.
Indicative terms include:
b. Fees payable by the client
c. General lending criteria
d. Application form
e. A checklist of the documents required
4. You send the indicative terms to your client
As soon as you receive the indicative terms from us you should send them on to your client. If they are happy with the terms, ask them to complete the application form and return it to you with all the documents on the checklist.
You should now take the opportunity to check that the application form has been completed correctly and that all the supporting documentation is present. If it is not, work with your client to ensure that all the information is correctly assembled before sending it on to us. If this raises any issues or concerns, do talk to us before sending back the paperwork so that we can help you iron out any problems.
Lenders will not process applications that are incomplete or missing supporting documentation.
At the same time, if you have not placed any business with us before, it is essential that you register with us to ensure we can process the case and pay you in a timely manner. Your consultant will provide you with the appropriate registration form.
5. We prepare a supporting proposal and submit the application
Once we receive the completed application form and documentation from you, we will double-check it to ensure it is complete before submitting it to the lender together with a proposal, written by us, to support the case. We usually complete this within 24 hours to ensure the case stands the best possible chance of being approved.
6. The lender reviews the application
On submission of the case, the lender carries out the necessary credit checks on the applicants and if these are passed, an underwriter reviews and assesses the application form and all the documents. If everything is in order, the lender will make a decision within three working days of receiving the application.
If the applicant/s does not pass the credit check the underwriter will let us know and we will work with you to see if anything can be done to change the situation.
7. The lender makes a decision
As long as everything is in order the lender will make its decision within three working days of receiving the fully packaged case. A decision takes one of three forms:
If the lender accepts the case, it issues us with a facility letter (sometimes known as heads of terms) which outlines the offer, terms and conditions and next steps. At this point, the valuation is instructed and we will require the valuation fee to be paid by the client before proceeding, (although exceptions apply in some instances).
II. Further information required:
Sometimes a lender will require additional information in order to make a proper decision. If this happens, we will work with you to make sure you can get the necessary information from your client. Once the information has been submitted to the lender, we will have to wait a further three working days for a decision.
In the event that the lender declines the case, our consultant will try to find out the reasons why and then re-evaluate the application. If appropriate, the consultant will provide you with an alternative finance option for your client and send you the corresponding indicative terms.
8. We manage the case through to completion
Once the case is accepted by the lender and we have received a facility letter, the consultants hands over your case to a dedicated case manager who becomes your main point of contact for all updates. The case manager will support you for the rest of the process, from the valuation through to receiving a formal mortgage offer and ensuring the case completes as quickly as possible.
Unlike vanilla buy to let applications, the cases passed through to our deal placement team require bespoke pricing. Each case is assessed in its own merits and terms are set accordingly. AIPs and KFI are not produced.
We do not charge any upfront fees; the first fee payable by the client is the valuation fee, which only becomes payable once the case has been fully assessed and agreed, although some exceptions may apply.
What to do next
If you still have some unanswered questions why not take a look at our FAQ section. If you are ready to discuss your clients’ case give our deal placement a call on 0345 148 9238.