Whilst most cases are packaged well, unfortunately we see the same issues crop up that can cause delays underwriting your deal. Here are our top five tips to remember when packaging a Shawbrook second charge mortgage case.
- Ensure that the financial dependants and the gross and net income entered on the case before submission are correct, as this could impact affordability
- Make sure that any child benefit income, where applicable, is entered on our Online Mortgage Portal (DJ) in the Child Benefit income field
- Please provide an accurate breakdown of what the funds will be used for, including any additional remaining funds. This breakdown must fall in line with the loan purpose stated
- Whatever the loan purpose, if the applicant has a fair level of outstanding credit it is important for us to understand how this has built up. This helps paint a picture of the applicant’s circumstances and why our loan is deemed a good outcome for them. Cases such as these will be reviewed on a case-by-case basis and we are happy for the you, the broker, to provide the explanation via email
- If there are any fluctuations with regards to income (for both employed and self-employed applicants) we will require an explanation. For example, if the gross income to date is significantly lower than the P60 states, or if we can see fluctuations on the last two years’ SA302s. The explanation can be supplied to us via email either from the applicant(s) or you, the broker, can relay the conversation had with the customer.
To help you package the perfect case, we have put together a handy ‘Hints and Tips’ guide. If you have any more questions, please contact the underwriter assigned to your case and they will be happy to help. If you require support pre-submission of a case, please contact the Broker Support Team on 0345 600 7681 or email email@example.com.