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Mortgage Checklist For Complex Cases

Monday, December 18, 2023

The Complex Case Checklist

A new guide that ticks all the boxes

As you’ll know if you’ve already worked with us, we’re different. We only lend through intermediaries, and while we’re delighted to help with any kind of case, we specialise in the kind of applicant who might struggle to secure a mortgage with the big high-street lenders. That goes for both residential and BTL customers.

We think of these clients as the square pegs - the self-employed, people with multiple income streams, anyone who has a less-than-perfect credit history. They’re just the kind of customers who can benefit most from the help of a broker - and in the current economic client, they’re a growing demographic.

Why complex doesn’t have to be complicated

We call our approach Real Life Lending. Instead of relying on rigid credit scoring, we look at each case individually, taking the time to understand the circumstances and working closely with the broker. It’s simple, really, and it means we can help where many other lenders won’t.

A few examples of the wonders we’ve worked recently include

-              turning 14 different applications into one for a portfolio BTL landlord (https://themortgagelender.com/content-hub/case-studies/expertise-in-real-life-lending-helps-deliver-on-complex-btl-mortgage-case )

-              packaging a mortgage for a self-employed first-time buyer, with adverse credit history, all within five days (https://themortgagelender.com/content-hub/case-studies/a-complex-case-made-simple-in-just-five-days )

-              helping another self-employed applicant get a mortgage in only ten days, while saving them thousands on the deal (https://themortgagelender.com/content-hub/case-studies/above-and-beyond-to-save-self-employed-mortgage-applicant-thousands-on-mortgage-deal

Getting your ducks in a row

We pride ourselves on giving you clear, fair and speedy decisions, and we can only do that if we have all the information we need, when we need it.

The best way to ensure quick service from our underwriting team is to upload all the documents and details we ask for. Our broker portal will provide you with a checklist of what you need to upload on DIP decision. Once the documents have been uploaded, you'll have direct access to the underwriter who's working on your case. To help you get your ducks in a row, we’ve prepared a simple Checklist that details the questions you should ask your client. You’ll find the full list on our website, but here are some key points:

  • for all cases, we need a signed and completed customer declaration and direct debit mandate
  • for purchase cases, we need evidence of a deposit or gift
  • for all residential cases, we need to see two months’ payslips for employed applicants, three months business bank statements with the latest years accounts or tax calculations with the corresponding tax year overview the self-employed, and a bank statement with evidence of income for contractors
  • for a buy-to-let case in the name of a basic-rate taxpayer, with an ICR under 140%, we need proof of tax status
  • if the applicant is an ex-pat, we’ll need proof of income
  • where a landlord owns four or more mortgaged BTL properties, we’ll need to see a completed portfolio submission

We’re here to untangle the knots

Whether you’re putting together a multi-million pound deal for a professional landlord or struggling to get a young self-employed client into their first one-bedroom flat, we’ll do all we can to support you. Our flexible criteria means we can look at things differently compared to other lenders - so long as we’ve got all the information and documentation we need to do our job.

So go through our Checklist when you’re submitting a case, and use it to kick off conversations with your clients about what’s realistic and possible. Between us, we can deliver more positive outcomes for more people.

See the Checklist in detail here, or have a chat with your local BDM.

Please note article content was accurate at time of publishing