Equifax/Experian credit report is completed by an advisor
Land registry report is obtained from the Land Registry website
A Product is sourced for the client
A Loan Pack is sent out for the clients
The client sends back the relevant documentation back with supporting documentation
All the documentation are assigned to one of our underwriters
If all of the requested documentation has been received we can then move on to stage 3
If any of the needed documentation hasn’t been returned to us we will liaise with the client or introducing broker to obtain the documents
If required we will send off for consent from the 1st charge mortgage company (this is only required if the 1st mortgage company have registered their charge with Land registry)
If required we will send off for a (building society’s questionnaire) this gives us all the information relating to the clients account
If required we will send off for a redemption figure (this may be required if the mortgage hasn’t come through on the Equifax or Experian credit report)
The valuation is instructed
We will instruct the valuation and the surveyor will liaise directly with the clients to arrange a convenient time and date
If a desktop or drive bye valuation can be done this will be discussed with the client
If the valuation figure has come in at what was required to meet the relevant LTV on the case the full pack is sent off to the relevant lender
Our underwriters will then carry out final checks on the case to make sure it is ready to be sent off to the relevant lender
The case is then worked by on by the lenders underwriters to make sure all is in order for completion once pack received
If the lender is happy with the case they will need to speak with the clients for “security checks”, this is needed as no solicitors are involved throughout the process, and to make sure its not a fraudulent case
(or) The lender requires a little more information before they can release funds, we will liaise with the client or the introducing broker to obtain this information (as we are all aware lenders sometime require further information, this is not unusual.
Final security checks have been completed by the lender with the client’s
Case is ready for funding and the clients should be in receipt of their funds within 48 hours.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk .
Smart Financial Products is authorised & regulated by the Financial Conduct Authority. FCA No 751091.
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