by Richard Spinks, operations director mortgages, Aldermore
identify cases that are clear ‘accepts’. Then we have immediate ‘declines’ where the application is outside of our criteria. All other cases are then reviewed by a skilled underwriter, who reviews each case on its own merits and decides if a case should be offered or declined. The residential system also enables brokers to go online and get an immediate decision in principle and then submit a full application. Brokers can also upload documents online, meaning that they don’t need to forward original documents to us; again, another valuable time saver. But submitting an application for a single buy-to-let property is relatively straightforward - how do these principles apply when multiple properties are involved? Luckily, whatever your clients’ circumstances, via our brokers we can cater with a number of scenarios. Aldermore’s commercial mortgage team provides an award-winning service and is used to assessing large
Beam me up.......
Although the mortgage market has been slow since the onset of the credit crunch, speed can still be a benefit for clients who want to sort out their finances quickly. Russell Summers
(pictured), a City based mortgage adviser with John Charcol, recently discovered a few ‘go faster’ tricks when he submitted an application to Aldermore. “My client wanted to remortgage and had tried
his existing lender but, frustratingly, had been turned down,” explains Russell. “Aldermore took a more common sense
approach and had a competitively priced remortgage product, so I submitted an application on behalf of my client. “Registering with Aldermore and submitting client details online for a decision in principle is
and complex property portfolios. It is also currently upgrading its mortgage system to ensure the service it offers remains one step ahead of its competitors. Automating manual processes speeds-up the time it takes for applications to be assessed by underwriters and for offers to be issued to borrowers. It also means that brokers can access the service on offer and that a lender is able to keep them better informed about the progress of clients’ cases. When the credit crunch hit and lenders reduced volumes and tightened criteria, there is no doubt that service standards suffered. But providing a sub-standard service is not sustainable and brokers have every right to expect not just a high quality service, but also one which is consistently reliable. This is particularly true in the buy-to-let market where poor service is not simply an inconvenience but can have a direct and detrimental impact on borrowers’ livelihoods.
very quick and easy. I was able to speak directly with underwriters to clarify a few points and received a prompt answer. “I could scan and upload documents to
Aldermore via its website and although this is not unique amongst lenders, it’s still the exception rather than the rule and makes life very easy for brokers and their clients. “In just a few minutes Aldermore had all the
documents it needed and was able to approve and process my client’s application. No waiting for the post or hours spent on the phone. What’s more, Aldermore was able to keep me fully informed of progress via e-mail and a real-time case tracking system. “Aldermore uses state-of-the-art technology
intelligently, to provide brokers with a fast and reliable service. It’s a refreshing change from some lenders’ rigid and automated underwriting decisions. “Mortgage broking is and always will be
a people business and I can confirm that I thoroughly enjoyed working with the people at Aldermore”.
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