Time is precious, and the last thing it should be wasted on is a delayed application. Here at TMW, we’re on a mission to help brokers offer the best possible client experience. So, with this in mind we reached out to our BDMs to come up with their best time saving application tips, which we’re now passing onto you.
One tip that was offered more than once was that you don’t need to certify documents. Michelle Walsh, BDM for Lancashire and Liverpool said:
“There’s no need to certify documents. It seems to be a common misconception that this is needed, so don’t waste time certifying them”.
You don’t even need to confirm that you've seen the original documents (unless it’s being used for ID and/or address verification).
Another simple way to avoid delays further down the line is to ensure you’re sending the right proofs. Tracey Copeland-Drew, BDM for East Kent said:
“Only provide proofs that we request. Providing proofs that we haven’t asked for could raise questions, causing delays.”
For information on Income Proofs, check out our Income Criteria page. This PDF has all the information you need regarding name and address proofs and we also have a page with all the information you need regarding source of deposit proofs.
Limited Company applications
Since TMW’s return to the Limited Company market in 2018, applications have risen and many of our BDMs were keen to stress the importance of accuracy when filling out a Limited Company application form. One of our BDMs said:
“Don’t submit Limited Company applications until all questions have been answered, even if you feel they’re not relevant to your client. We can’t process the application until all questions have been completed, so save yourself time by double checking every question before submitting.”
Existing Rental Income
Many of our BDMs mentioned the importance of including income from existing rental properties especially when applying for the lower Interest Cover Ratio (ICR) rate. Philip Hey, BDM for Hereford, Worcester and Gloucester said:
“When using 125% ICR, sometimes it’s been forgotten to allow for existing rental properties which can tip the client over into higher tax bracket”.
For more information regarding ICR and stress rates, visit our Income Criteria page.
We also had a few tips regarding rental income ratio calculation and how getting it wrong can stall your application.
“Double check the rental income ratio calculation, as if this isn’t accurate, it may delay the application or worse, cause a decline.”
Using the Rental income required calculator before submitting an application can help avoid mistakes.
Using TMW Online
Once you’ve ensured all information is correct and have submitted an application, Michelle Walsh, BDM for Lancashire and Liverpool, suggests this when seeking case updates:
“Use online case tracking instead of calling for updates. TMW Online is updated every 10 minutes so it’s the easiest and quickest way to get up-to-date information”.
We have a Case Tracking Guide to help you through this process.
Need more advice?
For any advice on applications, don’t hesitate to contact your BDM directly. If you’re unsure of who that is you can use our BDM Finder. You can also use Broker Chat to speak to one of our experienced advisers concerning any pre-application, registration or procuration fee queries.