Lisa – Head of Long Term Lending
I’m often asked by brokers, especially those who are new to specialist lending, what happens during our long-term lending application to offer process. Following your feedback, we’ve created this handy guide to help.
The following stages are shown in real time on our Client Management System. Remember, you can log in and review the status of a case 24/7 to keep up-to-date with its progress.
- Application submitted: Your customer has paid their fees and the application is being assessed by our Underwriting Team. Our daily SLAs for assessment can be found on our website.
- Application assessed: The case has been assessed but has not yet progressed to valuation as more information is needed. In these instances our team will contact you to confirm what information is needed to make a decision, which is why it is vital your contact details are up-to-date on our system. Using our submission guides can help ensure that the correct information is provided in the first instance. Click to see our Buy to Let and Residential Submission Guides.
- Valuation instructed: We’ve received the information/documents needed to progress to instructing a valuation. In the background we’ll work on any additional documentation that has been received to help the case progress as quickly as possible.
- Valuation received: Once the valuation has been completed, you can download a copy of this from our Client Management System (unless the application is for a House in Multiple Occupation (HMO)). Providing the valuation is okay and we’re not outstanding any additional information from you regarding the case, it will progress to the Ready to Offer stage.
- Ready for offer: During this stage our team is conducting final checks to ensure that everything is in order so that cases can be offered as quickly as possible. Every case is different and as a responsible lender we ensure that all is in order before we progress to an offer being issued.
If you found this useful, keep a look out for future blog posts that discuss different elements of our application to completion process, ensuring you’re fully up-to-speed with our processes.
If you have any questions regarding this information, remember you can contact a member of the Sales Team or our dedicated Intermediary Support Team on 0800 116 4385.