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. Some brokers aren’t aware of this and 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. We also have a page with all the information you need regarding source of deposit proofs.
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 brokers forget to allow for existing rental properties which can tip the client over into the higher tax bracket”. For more information regarding ICR and stress rates, visit our Income Criteria page.
We had a few tips concerning 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.
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”. Our Case tracking page includes video tutorials to help you navigate the system.
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, procuration fee or technical queries.
We also have useful information on our Case Tracking page which includes a video tutorial to help you navigate the TMW Online system.