Welcome to your latest mortgage update.
Please take the time to read through the update as there may be some information that is important to you.
For more product updates and general business updates, please take a look below.
We’ve seen another week of lenders withdrawing rates/products, and many lenders still struggling to meet their SLAs due to high volumes of business. I can only reiterate my message to you and that is:
- Don’t rely on the product being available when submitting the application;
- Check the product and rate is still current on the lenders website;
- Emphasize to the client that we are in uncertain times and the product recommended may not be available at the stage of application.
To manage your clients expectations, before submitting the application check the lender’s current position before submitting the business. If this falls outside the required timescale, discuss the option of placing business with another lender who can meet the clients requirements. Any decision not to sell the cheapest product must be justified in the Suitability Letter.
Speed of service is one of those reasons, but the customer must understand that service comes at a cost. Also, ensure the case has all required documents attached otherwise this will delay the underwriting even further.
Take a look at Nationwide’s first-time buyers hub, along with CHL’s case study focusing on their new refurbishment product range. Zephyr’s article discusses the fastest quarterly rent growth since 2007, while MPowered looks at EPCs and how to get one.
