Sophie - Underwriting Team
If you’ve submitted a limited company portfolio landlord application since the stricter underwriting requirements came into force, you’ll know how time consuming the process can be, both for you and your customer. Having to dig out proof of mortgage payments via bank or mortgage statements can be a nightmare to validate, especially if your customer has lots of properties.
We understand the extra paperwork can really slow an application down, so to speed things up we’ve simplified our underwriting process for Limited Company portfolios. We no longer need Mortgage Conduct Statements for typical cases which will significantly reduce the amount of paperwork required and improve turnaround times.
We’ve also doubled the length of the validation period from 6 to 12 months which will make it easier to place cases for the same customer in the future. This means that subject to confirmation that the information we hold hasn’t materially changed, we won’t need a new business plan, asset and liabilities statement or details of the portfolio for subsequent applications. We’ll simply send you the information we hold on the portfolio for you to validate with your customer, saving you both valuable time.
Both of these changes apply to new cases and cases that are already in the pipeline with us.
The improvements are just the latest in a series of enhancements we’ve made to take the heavy lifting out of portfolio lending. Our online calculator gives an indicative assessment of whether a portfolio meets our criteria before you submit an application. The additional information that’s now required can be submitted using our 3 simple forms, the landlord’s forms or even another lender’s forms, and our Portfolio team will key the additional information into the system so you don’t have to.
To find out more about how we can help with your portfolio landlord applications, call us on 0800 116 4385 or click here.