Common sense as standard, for every non-standard case

Transcription

1 Common sense as standard, for every non-standard case

2 What s behind our common sense approach? We have the experience, the people and the resources to support you and your clients. Our people: Our experience: Our products: Residential mortgages Commercial mortgages Second charge mortgages Buy-to-Let 550 colleagues 70 relationship managers 90 underwriting colleagues 2bn on our loan book Almost 7,000 cases funded last year 32,000 customers provided with funding Consumer Buy-to-Let Auction finance Bridging finance Development funding As one of the UK s leading specialist lenders, we ve been applying common sense to lending for 42 years. We review client needs on a case by case basis. That means looking beyond mainstream lending criteria and, instead, considering individual circumstances. When a case involves non-standard property, purchase type, income source or credit, or any combination of these, we re here to find a solution. We even consider the more unusual situations that clients occasionally have to contend with. If we can help, we will. It s simply the difference between common practice and common sense and the following pages describe how we do it. Information correct as at May 2017.

3 Multiple scenarios, one common sense approach Purchase Property There are four main reasons why mainstream lenders may not be able to help: non-standard purchase, property, income and credit. Not only are we able to look at each of these individually, we can also help when more than one or even all of these non-standard scenarios exist. purchase These include shared ownership, Right-to-Buy, unencumbered properties, HMOs and properties bought at auction. We ll consider non-standard property types including residential, semi-commercial, commercial properties and land (with or without planning permission or agricultural restrictions). These could include shared ownership, Right-to-Buy, unencumbered properties, HMOs and properties bought at auction. Income We can help secure finance on many types of residential and commercial property, regardless of structure, usage, or valuation. This includes non-standard materials such as a concrete or timber frame, ex-council houses and flats above the fifth floor. We ll also consider properties which are in poor general condition on valuation and self-build with a relevant building guarantee. Credit credit Including those with no credit history or less than perfect credit. income Including self-employed, state and private pensions, benefits, rental income, short term/zero hours workers, employed with bonus and overtime, gifted and builder deposits. property Including non-standard material such as timber or concrete, ex-council, high-rise or maisonettes with any number of floors, poor remarks on valuation and self-build with relevant building guarantee. We re pleased to assess many types of employment and income on their individual merits. This includes employed, self-employed, bonus and overtime, DWP benefits, private pensions, sole traders, zero hours contracts, partnerships and limited companies. There is no minimum income requirement and we ll also consider up to 100% of additional income. We re able to consider clients with a less than perfect credit rating who may have had difficulties in the past, including CCJs. The only exceptions to this are cases where bankruptcy, IVA and debt management plans are involved.

4 property Five s the limit Ask a mainstream lender to consider an apartment above the fifth floor and they may say no. This doesn t help when your clients want to buy a sought-after city-centre apartment or have their sights on the penthouse. Sky s the limit We have a non-standard view of non-standard property, which means we re always happy to judge each and every storey on its own merits. So, when your clients are aiming high, we re here to help you get them there.

5 property Standard semi Most mainstream lenders prefer standardised, brick-built dwellings. They re easier to value and fit their lending criteria. We know, however, that this isn t everyone s ideal property. Special structure We think it makes more sense to consider all sorts of homes built from non-standard materials, from thatched cottages to 1950s prefabs with timber-framed, steel-framed and even concrete constructions.

6 income Some income sources Not everyone has just one source of income. Your clients may also have other income sources such as rent, bonuses and overtime for example. Mainstream lenders, however, may only accept part of this additional income. Many income streams We believe that one reliable income stream is as good as another. That s why we can take up to 100% of your clients additional income into account.

7 income Typical age Many high-street lenders prefer clients in their 30s and 40s, largely because they have plenty of working years ahead in which to pay off a mortgage. Not everyone however, is in this situation. Golden age We take a positive attitude to retired clients, and to those nearing retirement. After all, if they can afford the repayments, it s simply common sense to consider them.

8 credit Perfect world When it comes to a client s credit history, most mainstream lenders insist on perfection. We know, however, that this won t always be the case. Real world We believe that just because someone has a less than perfect credit history, it doesn t mean they should be excluded from property ownership. So we re happy to consider every case on its own merit.

9 purchase Rising rent In the current property market, millions of people are forced to rent. That s largely because it can take many years to save up the sort of deposit that a property purchase demands. Climbing the ladder Shared ownership through a local authority or housing association is now a popular way for people to get a foothold in property. So we consider cases like these, even where other non-standard conditions exist. POST CARD THE ADDRESS TO BE WRITTEN ON THIS SIDE

10 purchase George and Dragon All sorts of buildings have the potential to be re-developed into profitable and viable homes and business premises. So it s odd that many lenders call time on a case if it involves a change of use. George and Debbie We understand that all sorts of business premises can become perfect homes and all sorts of buildings can become amazing business premises. All it takes is the vision and the common sense to see the potential.

11 income Got a job Mainstream lenders may prefer clients to be in conventional, full-time employment. However, not everyone is directly employed. Got a business Our economy now includes millions of sole traders, freelancers and zero hours contract workers. So we re happy to lend to people with different types of incomes.

12 purchase Home to one Houses of Multiple Occupancy can offer a very stable income stream for landlords, yet mainstream lenders generally won t mortgage HMOs where other non-standard conditions are present. Home to many We understand that HMOs and Buy-to-Let properties can represent extremely profitable investments. So we re willing and able to consider them, even where other non-standard factors exist.

13 Computer says no Many people don t fit into fixed, mainstream lending criteria. If their property, income, purchase or credit is non-standard, the computer will simply say no. Emma says yes We favour a personal and personable approach and consider each case on its own merit. That s why we ensure you speak directly to someone who can not only answer your questions, but also work with you to find a solution.

14 How to get in touch: who you need to speak to We have dedicated teams who can answer all of your questions, at every stage of the process. Pre-application For pre-application queries, new business enquiries or technical support with our online application system, you can talk to our Broker Relationship Team on or us at During application During the application process you can also talk directly to the Underwriting Relationship Team to discuss your case on or us at Business Development Manager Your dedicated Business Development Manager will be able to answer questions throughout the process. If you don t know who that is, please speak to the Broker Relationship Team.

15 We re here to listen and achieve the best possible outcome for your clients. Visit us at togethermoney.com/intermediaries or call This information is intended for professional intermediary use only and must not be distributed to potential clients.