How to Package a BTL Application for Faster Approval: A Broker’s Guide

As a case manager at LendInvest, Charlotte Bradley knows the ins and outs of what is needed to get a case to completion. In this guide, she breaks down the 3 top tips for packaging a BTL case, leading to faster completions.

As a mortgage broker or packager, your time is your most valuable asset. The faster a Buy-to-Let application moves from submission to offer, the better it is for both your pipeline and your client. 

Here at LendInvest, we want to ensure that you get the best service from us. To help you eliminate back-and-forth emails and get your cases over the line faster, we’ve pulled together some top tips to help you package the perfect application.

3 Quick Steps to Jumpstart Your Application

Did you know we are unable to start our initial assessment until all fees have been paid? To ensure your BTL application is processed as quickly and efficiently as possible, always start with these three quick and easy steps:

1. Sort the fees immediately: Please pay the application/valuation fee as soon as possible to enable us to get the valuation instructed. We now offer self-instruction via Method. 
2. Upload portfolios early: A BTL portfolio is mandatory for portfolio landlords. Please upload this to the application as soon as the case has been submitted. Our systems allow for portfolio upload in any format.
3. Leverage our tech: Take advantage of our technology and encourage your customer to complete Jumio, our electronic ID service. Jumio uses artificial intelligence to verify the customer and removes the need for scanned certified documents. Applicants simply use their mobile phone to take a photo of their passport or driving licence and provide a selfie.

Getting the Details Right the First Time

Missing information is a common cause of delays. In order to avoid the need for us to ask questions later in the application process, double-check that you have accurately submitted the following:

• The Basics: Full name, 3 years’ address history, date of birth, NI Number, email address, telephone number, and bank details.
• Income Details: Key the total income for each applicant for the current year (please do not leave the income section blank!).
• Property Specs: Property type, number of floors and bedrooms, year built, tenure, tenancy type, and access details for the valuation.
• Corporate Borrowers: Ensure that all relevant applicants are added to the application, which includes all directors and/or shareholders with at least 25% of the shareholding.

A quick tip on documentation: A TR1 will be required if the property has been purchased within the last 12 months. Additionally, a schedule of works will be required if the property is being remortgaged at a value above the original purchase price (though this is not required for Bridge to Let cases).

Let the Mortgages Portal Do the Heavy Lifting

Our Mortgages Portal is designed to give you full control and visibility over your pipeline. You can easily search the portal by applicant name, postcode, or reference number for real-time status updates.

• Uploading Docs: If you are required to upload supporting documents, simply log in, select the case and click into the case to open the “Application Dashboard”. Scroll to the bottom of the page, click “upload supporting documentation”, and select the document type to upload.
• Satisfying Tasks: We’ll send you a daily recap email with all outstanding tasks, linking you directly to the individual applications where you can complete them. Head to the ‘Tasks’ section for each application to clear blocking items and keep the deal moving.
• Repeat Business: Save time on your repeat clients by using the Duplicate Application function.

Crossing the Finish Line: Offers & Legals

Once an underwriter has approved your application, the formal mortgage offer will be issued via email to both the borrower and broker.

Our Conveyancing Panel Manager, Smoove, manages and maintains a panel of pre-qualified solicitors who act on behalf of both LendInvest and the borrower on a joint representation basis. When completing our online application form, ensure you select the solicitor acting from the preferred solicitor dropdown.

If you do not have a preferred solicitor, we recommend choosing either JMW or Lightfoots, as we have dedicated teams at these firms who have a good understanding of our process and risk appetite.