Mortgage Packaging Service
What we offer?
We Package for the following Lenders.
What is a mortgage packager?
A mortgage packager is slightly different to a mortgage broker. They have the advantage
of being able to put together the whole application for your mortgage BEFORE the
lender sees it.
Normally when you apply for a mortgage, you fill out a form with the mortgage broker,
and it then gets sent to the lender. Then the lender processes the form, applying
for your employer reference, accountant references and your survey - as well as
wanting to view your statements and finances. This process runs the risk of the
lender rejecting you if they are not happy with everything they find.
With a mortgage packager they actually do all those things BEFORE it gets to the
lender - reducing the risk of regection. They also are usually able to get special
deals and exclusive packages not available to the individual and smaller brokers.
In the current climate it is certainly very useful to be able to see the valuation
before it goes to the lender, in light of the fact that buy to let lending normally
rests on the rental valuation.
Where clients are convinced that the rental or value should be a higher figure than
that quoted by a surveyer. It gives an opportunity to get comparable properties
and submit a case to the surveyer who may then be able to increse the figures. Of
course, if the case goes straight to the lender, then a lower amount would normally
be offered. Genrally using a mortgage packager saves a good deal of time and effort
on everyones behalf and makes the process alot smoother.
Just a point to be aware of when you are using a packager, if the valuation does
not stack up, and you have to get the property re-valued, it may be best to take
the advice of the 1st valuation to protect your own interests. If you get a property
re-valued to suit yourself, and then need to rent or sellthe property, you may find
that you struggle with your payments if the rentals don't cover.