Top tips to help your buy-to-let cases go smoothly - Jul 24, 2019
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.