We’ve been collating all of the questions received and we are in a position to now share where we are with valuations and products.
| New Enquiries & Broker Support | |
| Are we open for new business | Yes! The Society is open for business and available to discuss any new mortgage enquiries that you may have. Our Business Development team are available between 9am and 5pm, Monday to Friday. |
| bdt@ibs.co.uk | |
| 0330 123 1073 option 1 | |
| Are the BDM’s currently working | Yes, both Andrew Sadler and Ian Stockley are happy to take your calls and help you. |
| andrewsadler@ibs.co.uk | |
| Andrew: 07715 764131 | |
| ianstockley@ibs.co.uk | |
| Ian: 07497 277812 | |
| Product Changes | |
| LTV’s / Product Withdrawals | The following changes are effective immediately: • We are no longer accepting purchase applications – remortgages only • Lending restricted to 75% LTV across all product ranges • No properties above £1m • No flats or new build propertiesAdditionally, we have withdrawn the following product ranges: • Holiday let • Large Loans • Self employed (we will still accept self employed remortgages with 2 years accounts) • Shared ownership |
| Underwriting/Lending Department | |
| Are the underwriting department still able to work | Yes, we have the majority of the lending team working remotely and a very limited number of underwriters working safely at our head office. The broker sales development team are supporting the lending team by taking their calls, so underwriters can focus on your cases. |
| It is best to contact the underwriting department via email predominantly: | |
| Underwriting queries: | LendingServicesUnderwriters@ibs.co.uk |
| Telephone no. | Tel: 0330 123 1073 option 2 |
| Underwriting | |
| With advisers moving to non-face to face, have you made any amendments to your lending criteria | We currently accept non-face to face business, so no change in lending criteria required |
| Will you accept a case as face to face if the client has been seen by the adviser over video link | Yes |
| Borrowing impact due to temporary loss of income | Duty of care by broker and applicant required to advise us of any issues surrounding income due to Covid-19. Any temporary loss of income may impact the lending decision. |
| What is the ability to use the income that is to be provided to affected members of the public by the Government during the Coronavirus period. Specifically the questions relate to those workers who are classed as Furloughed workers, the ones who may receive 80% of their salary direct from the Government in lieu of wages that they may not be getting from their employer. | We can only base affordability on the current income levels at 80%. We will require evidence that they are in receipt of the 80% in lieu of their salary |
| Will we allow re-mortgage to us as the new lender, for a client on a current payment holiday with their existing lender? | No, unfortunately we won’t be able to help in these circumstances |
| Given the current situation of social distancing and self isolation, please could you offer advice around your scanning of supporting docs / online documentation | We will still require all supporting documents as requested. We are currently working on the process to remove the need of certified documents (please see ID&V below). We will update everyone ASAP. Online bank statements can be used for assessment, but not as proof of address verification. |
| Valuations | |
| What’s the current situation with physical valuations & what will happen once valuers are allowed back out on the road | Currently all physical valuations are on hold until further notice. The valuers will be under immense pressure once the government advise that the restrictions are lifted on travel. It is vital for everyone to be patient while the valuers catch up on the backlog of valuations instructed. We will progress cases as quickly as possible. |
| Will you accept AVM’s / Desktop Valuations | We are not in a position to accept AVM’s, but we are able to accept Desk Top valuations on all remortgages to 75% |
| Existing Self Build Mortgages – Stage Release Payments | |
| Is the customer able to release further payments | Yes, a process has been implemented with valuers, whereby the applicant will provide photo’s and invoices to the valuer. The valuer will assess each case on an individual basis and provide a report to us. Monies be will be released on this basis. |
| Conveyancing | |
| Are you able to provide an update on the situation SLA’s | As it stands the majority of panel solicitors are working remotely. The service level may be likely to be slower than normal, but the relationships are being managed closely by the panel management company. |
| Are conveyancers working from home | Yes, most solicitors are working from home where viable. Our Lending Manager is in regular contact with our Panel Management Relationship Manager. |
| Given the capacity and resource issue across the board, do we have any access points to escalate on your behalf | If the need to escalate arises, please contact the underwriting team and we will escalate with the solicitors on the clients behalf |
| What guarantees are in place to ensure completion monies will not be impacted | We have a contingency in place to ensure completion funds are sent on the date requested by the solicitor when submitting their certificate of title and noting our usual timescales |
| Identification & Verification | |
| Given the current situation of social distancing and self isolation, please could you offer advice around your acceptance of SmartSearch E-ID / Certifying of Documents. | We are unable to accept SmartSearch E-ID, but we are implementing a new process under our financial crime policy that we are looking to get in place ASAP. We will keep you updated. The new process will remove the need of the certification of documents in the majority of cases, but if the client fails the electronic checks, then we will still require certified documents. * For Ex-Pat cases we will still require certified documents. |
| Offers | |
| Are we pulling any cases at offer stage | No, currently we are honouring these cases |
| Ability to extend offers? Including developments where completion may be/have been delayed | Yes, we are offering a 3 month extension where required |
| Can all offer documents be sent via the Advisor | No, the offer will need to come directly from ourselves please |
| Wet/Ink Signatures | |
| Given the current situation of social distancing and self isolation, please could you offer advice around your acceptance of Digital Signatures | No, unfortunately we don’t have ability to accept digital signatures within our process |
| Completions | |
| With imminent completions and people in lock down, will lenders allow a deferral of completion without penalty | We will, providing the funds have not been released, otherwise standard delayed completion processes will need to be followed by solicitors |
| Where occupants are in lock down/self-isolation, will the lender allow the purchase to complete and the current occupants to remain until this period is over | No |
| What will happen regarding title deeds being actioned and returned | The standard process will apply |
| Payment Holidays | |
| Who should the customer contact: lender or intermediary | The society directly please. 0330 123 0773 |
| paymentqueries@ibs.co.uk | |
| Do you have a payment holiday policy in place for borrowers who cannot make their mortgage payments due to Coronavirus? | Yes |
| How long can payment holidays last for? | As per the government statement |
| How will the non-payment be recorded with credit reference agencies? | Agreed arrangements will not be reported to credit reference agencies. |
| Once the payments are rolled onto the main balance, will the term be automatically extended or the monthly payments increased? | The options of repaying the payment holidays will be agreed with the customer. |
| If a borrower takes a Coronavirus related payment holiday can they still take another payment holiday in future or are they only allowed one holiday in the whole mortgage term? | N/A – Payment holidays not a normal feature available on any of our products. |
| What evidence will be required to qualify for a Coronavirus Payment Holiday | Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form by post or by email to paymentqueries@ibs.co.uk (we suggest using secure email where possible). |
| https://www.ibs.co.uk/blog/corporate/coronavirus-covid-19-frequently-asked-questions | |
| Can the account be in arrears at the time of a coronavirus payment holiday application | The borrower will need to call in and discuss their current situation. All cases are individual and we remain flexible with our approach. |
| Any arrears or missed payments permitted when applying for such a payment holiday – E.g. none in last 12m | To complete the self certification request the borrower must be up to date with payments with no payment shortfall or arrears. For anyone with current arrears the borrower will need to call in and discuss their current situation. All cases are individual and we remain flexible with our approach. |
| Is there a maximum LTV where a (Coronavirus) payment holiday option stops being offered | No |
| Are there any scheme types that are excluded? E.g. HTB or Shared Ownership | None |
| Does this apply to BTL as well as Resi or consent to let | As per the government statement |
| Can payment holiday applicants be claiming on a Mortgage Repayments Insurance policy or be applying for, or be in receipt of, Income Support | No |
| As an alternative to a payment holiday would you consider allowing people to switch to a temporary interest only arrangement or maybe reduced payments | The borrower will need to call in and discuss their current situation. All cases are individual and we remain flexible with our approach. |
| Will we allow product switches if clients are on payment holidays due to Covid 19 | Yes |
| Is there a minimum period after having compelted a re-mortgage for a client that they can approach you for a payment holiday | There is no minimum time a borrower needs to have been with us to be able to self certify for a payment holiday. |
| Customer Services contact details | 0330 123 0773 |
| paymentqueries@ibs.co.uk |
