At TBMC we are always looking for ways to make the processing of buy-to-let mortgage applications more efficient. An aim which is shared by all parties involved in the process - landlord clients, brokers and lenders. We all want cases to complete and as quickly as possible.

As a provider of specialist packaging for buy-to-let mortgages we sometimes experience backlogs with the lenders on our panel. This may cause further delays in the processing of complex cases which can be frustrating for brokers and their landlord clients. However, we have also found that the presentation of cases in the first instance can also cause delays in the process too - often simple things like fully completing the application form and sending the correct supporting documents can make a difference.

Top 5 Tips

Below are our top five tips for helping ensure that your buy-to-let cases are processed as efficiently as possible when dealing with a packaging service such as TBMC:

• 1 - ensure the mortgage application form is fully completed. If any information is missing it will delay the time until the case can be submitted for a Decision in Principle.
  
  
• 2 - for portfolio landlords with 4 or more mortgaged buy-to-let properties, you will now be required to provide a full property portfolio schedule. This has become more important since the PRA guidelines came into effect in 2017, so asking your client for it upfront can speed things up.
  
  
• 3 - individually label any supporting documents indicating what they are for i.e. proof of address, proof of mortgage payments. This can really help speed up the admin side of things.
  
  
• 4 - highlight bank statements to identify what they are proving i.e. if you are asked for proof of rental income, any rental payments should be highlighted. The same goes for mortgage payments.
  
  
• 5 - send all required supporting documents in one batch.

These are just a few suggestions that may help improve your experience with tricky buy-to-let mortgage cases.

Myth: Using a packager means cases take longer. 

Fact: Some of the cases we process are highly complex which can lead to an increased amount of paperwork required by the lender in order for them to become comfortable with the deal. More complex cases will also require a higher level of underwriting,which can increase timescales. However, all of this is done in order to get the case offered and give the customer the mortgage they require. Whilst it might take a little longer than a vanilla case and seem to be more labour intensive,it does mean you are able to place those more difficult cases, earn more money,and TBMC will do most of the work for you.

Myth: Packagers don’t add value to my business.

Fact: A specialist packager can be especially helpful when trying to place more complex buy-to-let cases such as those involving multi-unit properties, limited company applications,expat clients or unusual circumstances that won’t fit with a high street lender. TBMC’s buy-to-let support team can provide you with the comprehensive product and technical information you need to enable you to make informed recommendations for your clients. 

For more complex buy-to-let cases, using a packager with expertise can speed up the process of identifying suitable products and our relationships with underwriters can help get decisions made quicker. TBMC has an online application form which means that if a case gets declined for any reason, we can switch it to a different lender with no additional paperwork. 

Myth: I don’t need to use a packager as I can go directly to the lender. 

Fact: A specialist distributor such as TBMC can provide you with access to lenders that are not on your main network or club lender panel and therefore provide more options and potentially better deals for your clients. We also have access to lenders that only allow specialist distributors to submit business.

Myth: Better procuration fees are paid by going direct to a lender. 

Fact: Procuration fees paid by TBMC are highly competitive and are usually comparable to those paid directly by the lender. Also, some of the more specialist lenders that can only be accessed via a packager may pay higher procuration fees than high street lenders.