ONLINE MORTGAGE SERVICE Provided by Scottish Widows Bank HINTS & TIPS
PAGE 1 INTRODUCTION PAGE 2 SECTION 1: LOGGING IN PAGE 3 SECTION 2: CREATING A NEW MORTGAGE ILLUSTRATION, DIP OR FULL APPLICATION PAGE 4 SECTION 3: COMMON ISSUES (HINTS & TIPS FOR KEYING) PAGE 13 SECTION 4: SUBMITTING THE FULL APPLICATION
INTRODUCTION THESE GUIDANCE NOTES ARE DESIGNED TO ASSIST INTERMEDIARIES WHEN USING OUR ONLINE MORTGAGE SERVICE TO APPLY FOR A MORTGAGE. THE SCREENSHOTS PROVIDED DO NOT COVER THE FULL END TO END PROCESS; FOR MORE DETAILED GUIDANCE REFER TO THE ONLINE MORTGAGE SERVICE USER GUIDE (49837) AVAILABLE ON OUR INTERMEDIARY WEBSITE. WE RE ALWAYS TRYING TO KEEP OUR PROCESSES AS SIMPLE AND STRAIGHTFORWARD AS POSSIBLE. IF YOU THINK WE VE MISSED ANYTHING, OR REQUIRE FURTHER ASSISTANCE, PLEASE CONTACT YOUR BDM. FIND YOUR BUSINESS DEVELOPMENT MANAGER www.scottishwidows.co.uk/bdm Mortgage Sales team: 0345 845 0110 Support Team: 0131 655 8599 1
SECTION 1: LOGGING IN (via https://swbagent.secure.scottishwidows.co.uk/swbwebagent/login.do) 1.1. The web address above takes you to the login screen as shown in Fig. 1, requesting your User ID & Password. 1.2. If you don t know your User ID or Password, or have any difficulties logging in, contact our support team on 0131 655 8599. For any criteria or general enquiries contact your BDM or the Mortgage Sales team on 0345 845 0110. Figure 1 2
SECTION 2: CREATING A NEW MORTGAGE ILLUSTRATION, DIP OR FULL APPLICATION 2.1. Once you re logged in you ll be directed to the screen as shown in Fig. 2. At this point you have three options to start a new application: New Mortgage Illustration Choose this option if you re looking to produce more than one quote, or you only require the Mortgage Illustration for now. If you produce more than one quote you ll have the option to select which quote to progress to DIP stage. New DIP Choose this option if you want an initial decision for a new application. You ll go through the Mortgage Illustration process first, then once the DIP has been submitted you can progress to a full application if it hasn t been declined. Apply online for a mortgage Use this option to immediately submit a full application. You ll go through the DIP stage first and if the DIP is declined you won t be able to go any further. Figure 2 3
SECTION 3: COMMON ISSUES (HINTS & TIPS FOR KEYING) 3.1. Mortgage Illustration stage: Remortgages: At Mortgage Purpose (see Fig. 3.) if you re applying for a Remortgage for an unencumbered property, this type of application must be submitted by phone via our Mortgage Sales team. Call 0345 845 0110. Figure 3 4
3.2. SWB Switching package For remortgages, a common question missed is Does your client intend to use our remortgage package? (see Fig.4.). Please select Yes if you intend to use our switching package (free valuation and legal services, subject to restrictions). If there s not currently a mortgage on the property the remortgage package is unavailable and the application must be submitted by phone please contact our mortgage sales team on 0345 845 0110. Figure 4 5
3.3. Selecting the Business Channel At this stage your business channel defaults to Firm selection, as shown in Fig. 5.1. If you ve registered through a Network or Club and want the proc fee to be paid via them, you must select the appropriate Network or Club at this stage (see Fig. 5.2). Figure 5.1 If your Network or Club isn t showing contact our support team on 0131 655 8599 Figure 5.2 6
3.4. DIP Stage (self employed applicants) Current Employment details For self employed applicants, the first question on the Current Employment screen is If your client has a shareholding, what percentage do they hold (if not applicable please enter 0 )? (as shown in Fig. 6.). Where the applicant is a Sole Trader or Sole Director of Ltd Co, key the Shareholding as 100%. The company profit and applicant s income should be keyed as exactly the same figure shown on the SA302s/Verified accounts. Where the applicant holds less than 100% shareholding (e.g. Ltd Co or Partnership/LLP), the exact percentage shareholding should be keyed. The full Company profit (including retained profit) and the applicant s income (salary & dividends) should be input. The system will then determine the percentage of company profit available to the client from the shareholding keyed. Figure 6 7
3.5. How long has the business been established? This question is referring to how long the client has been a part of the business. For example, the business has been operating for ten years but the client joined and became a partner two years ago, we would expect two years to be keyed. 3.6. When keying the three years income, this must be in ascending order e.g. 2012, 2013, 2014 (as shown in Fig. 7.). Figure 7 3.7. Current Financial Commitments When keying the applicant s current commitments please ensure the correct question and dropdown option has been selected for each (examples in Fig. 8.1, 8.2 and 8.3). Inputting the correct details and amounts increases the accuracy of the credit report and reduces our need to request further information. Figure 8.1 8
Figure 8.2 Figure 8.3 9
3.8. Mortgage Commitments Please key any existing residential mortgage(s) that the applicant is currently named on, even if the property will be sold prior to completion. If the existing property is converting to a Buy to Let, please key as shown in Fig. 9., with the existing residential marked as being sold prior to completion and then key as an existing Buy to Let with the new rental income. Figure 9 10
3.9. Lending into Retirement Affordability Data Applicants working beyond state retirement age If the planned retirement age is beyond the applicant s state retirement age, answer No to the question, If necessary and subject to them having sufficient income to do so. If the term of the mortgage extends beyond state retirement age For example, if the applicant takes a 25 year mortgage term, which will complete at age 70, and the state retirement for the applicant is 66 but the planned retirement is aged 70, this should be keyed as shown in Fig 10.1. Where the planned retirement age is the same as state retirement age or before, and the mortgage term extends beyond this, you must answer Yes and confirm the subsequent source of income in retirement, as shown in Fig. 10.2. Figure 10.1 Figure 10.2 11
3.10. Submitting the DIP Once the DIP has been submitted there are a number of outcomes that can be given. Accept From the information keyed the system has determined that the DIP can proceed to full application. DIP Refer Pend From the information keyed the system has determined the DIP can proceed to full application but with conditions to be reviewed at full app stage. DIP Decline From the information keyed the system has determined the DIP doesn t meet our criteria and cannot proceed to full application all declines are reviewed by a Credit Manager. For up to date turnaround times or just to confirm everything has been keyed correctly please contact the Mortgage Sales team on 0345 845 0110, or your BDM. Proceeding to Full Application All DIPs are valid for three months subject to any rate or criteria changes. To move a previously keyed DIP to Full Application select DIP/Application search and key in the reference number or applicant s name to continue with stage two (Full Application). (Fig. 11.). Figure 11 12
SECTION 4: SUBMITTING THE FULL APPLICATION When you submit the Full Application the information keyed will determine the documents that we require. In most cases we ll require the most recent bank statement, three months payslips and/or three years SA302s or verified Accounts, along with a completed Direct Debit Mandate. Further documentation may be required once the underwriter s initial assessment has been completed. To check our current timescales please contact your BDM. All certified and supporting documentation should be emailed to mortgageadmin@scottishwidows.co.uk 4.1. Printing a copy of your application Once the Full Application has been submitted you only have one opportunity to print off a copy of the application. This is clearly displayed onscreen as shown in Fig. 12. Figure 12 13
Copies of our literature can be provided in large print or in Braille and additional assistance is available to any customer upon request. If you have any special requirements please contact our customer service team on 0345 845 0829. Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278. 54639 10/17