We use the following approach to source the best mortgages for our clients:
- Understand the factors relevant to the borrower
Agree on the criteria of the transaction
Research the best deals in the market that meet these criteria
We will allocate one of our mortgage advisers to you to conduct the research. Your mortgage adviser will work closely with you to agree upon a set of search criteria, after which a detailed search of the market will be conducted to find you the best mortgage.
The advice that you receive
Our advice will come in the form of a written report setting out the various options available to you. This report will highlight:
- All repayment options
- The pros and cons of each option
- A final recommendation
View an example of one our client reports.
Our research models
We use two models for our buy-to-let mortgage research:
Although our research is chargeable, we try to ensure that we don’t do chargeable work if results are unlikely. If we think your mortgage will not be approved at this time, we will inform you at no charge and suggest that we rather conduct the research at a later stage. In some cases, we cannot confirm whether the mortgage will be approved without performing the research. In these cases, we will inform you before we begin the research, giving you the option to proceed or not.
1. Standard cases
“Standard” cases are those cases where:
You (as the borrower) have Indefinite Leave to Remain (ILR) in the UK or possess a British or EEA passport
You are employed or, if self-employed, have two years’ tax returns that fit the borrowing requirement
The loan-to-value (the mortgage as a percent of the property value) is 80% or less
In these circumstances, you are likely to fall within the lending policies of most lenders; this allows us to conduct the research without needing to make special arrangements with any lender.
We will provide you with a range of deals that best meet your criteria and advise you on the best options going forward.
2. Non-standard cases
A “non-standard” case arises where:
You (as the borrower) are not a British passport holder and do not hold ILR
Your earnings cannot be backed up by two years' P60 employment income in the UK
The proposed mortgage amount exceeds your annual employment income
You are a contractor using a limited company and/or umbrella company structure
The loan-to-value (the mortgage as a percent of the property value) is more than 80%
You are purchasing a shared ownership property
The proposed mortgage is greater than £1,000,000
You are not a resident in the UK
The "non-standard" route will be necessary where a case falls outside of standard lending policy. In these cases, we are required to spend additional time researching your options and arguing your case with underwriters.
We may need to charge you a fee if we incur significant time researching your options. If this is the case, we will clearly communicate this to you. This will be the only fee you pay us, as the lender will pay us a success fee on completion.
If the lender success fee is below £750, we will ask you to pay the difference as a brokerage fee payable on issue of the mortgage offer. For example: A £200,000 loan would have a success fee of approximately £680; £680 is £70 below the £750 lender success fee. We would therefore ask you to pay a brokerage fee of £70 on issue of the mortgage offer.