We know it can be frustrating when your client's application is delayed, which is why knowing a few ways to help speed up your case can prove invaluable.
So, we've listed our 7 must know tips that could help save you and your clients time when you submit your next application.
1. Clone a case within TMW Online to pre-populate it with key information
If you're submitting multiple applications for the same client, by cloning a case you can pre-populate it with key information to save time.
In TMW Online, search for the original case and within the Actions column, select 'Clone'. Follow the steps and proceed through the case, then press 'Submit'.
2. Review keyed client information
Please review your client information before you submit your application as it could be delayed by a simple keying error.
Some of the common keying errors we see include: date of birth, residential status, LTV exceeding 80% (75% for HMOs), address history and rental income.
3. Check our applicant definitions
Knowing what applicant type to select for your client can be complicated, and submitting an application with the wrong choice will delay your application. To save time, we recommend checking our applicant definitions and acceptable combinations table to support your selection.
4. Make sure your client qualifies for the lower 125% ICR
We often receive applications where the lower 125% Interest Cover Ratio (ICR) has been incorrectly chosen, causing delays. Remember, to qualify for the lower ICR your client must:
- Be a lower rate tax payer (gross income of £46,350 or less in England/Wales or £43,430 or less in Scotland) upon completion of the mortgage.
- Have no more than 3 rental properties (with or without a mortgage). This includes any TMW applications in progress.
Also, for purchase applications, 75% of the proposed gross rental income will be added to the current gross income to account for the increase in taxable income.
5. Provide more background information when appealing a DIP decline decision
To help support your DIP decline decision appeal, please provide as much background information on your client as possible, i.e. personal income, personal savings and the number of properties owned. And if we do need any more information from you, we'll be in touch.
6. Convert your successful DIP appeal into an FMA
If you've been successful when appealing a DIP decline decision, did you know that there's no need to go into the DIP to resubmit it? Instead, you can simply go into DIP within TMW Online and convert the case into a Full Mortgage Application (FMA).
But remember, if you make any amends to your application after a successful appeal, the case will automatically decline.
7. And finally, remember to only submit an accepted credit report
Sometimes we'll ask to see your client's credit report to support your application. So, if we do need to see a copy, please send us one using Equifax or Callcredit as we can't accept Experian credit reports.
We hope our top tips help to get you a faster offer, and if you're still unsure about anything during the application process, make sure you first check out our comprehensive A-Z Lending Criteria or talk to one of our experienced advisers online through Broker Chat.