- Rate increases on average of 0.20% across selected products within the Residential, BTL, Interest Only, Help to Buy, Shared Ownership and Scottish LIFT Scheme ranges.
- We’re pleased to introduce Auto Income Verification (AIV), which is designed to speed up the mortgage application process for you and your clients.
In our last broker bulletin we told you that we’d endeavour to give you 2 working days’ notice of upcoming product withdrawals. In line with this, we’ll be withdrawing current equivalent products at 10.00pm on Tuesday 15 September 2020.
How AIV Works
For suitable cases, the new functionality automatically assesses your client’s income when you submit a Decision in Principle (DIP), and could eliminate the need for payslips to be uploaded and income to be manually assessed by an underwriter. It won’t apply to every case, but will offer a quicker ‘yes’ where it does.
We’ll send you an email to let you know the DIP’s been accepted, then you’ll need to check the ‘outstanding items’ in eMortgages to find out what you need to submit to progress the case.
Please only send what’s requested, because if you provide any additional payslips/bank statements when they’re not required then these will need to be assessed by our underwriters, which could cause delays.
For some cases, such as if your client is borrowing past their retirement date, or using additional income such as benefits, we may need additional information. Self-employed clients are not eligible for AIV and would require standard packaging.
Not all cases will meet our internal AIV criteria, so please use the ‘outstanding items’ in eMortgages to see what items are required when packaging cases to us.