Application checklist

At Abbey for Intermediaries we know that when securing a mortgage offer for your clients, speed is everything.

The following checklist should be used when submitting an application to help you get a more accurate AIP and FMA decision.

When considering affordability:

use the Lending Criteria Guide and the affordability calculator so that the Income Types are submitted correctly, as either Primary (100%) or Secondary (50%) income.
declare commitments correctly. Abbey takes 3% of a credit card balance or a stated higher amount into account when assessing monthly affordability. Monthly loan repayments should also be included even if there is less than 6 months to run.
include any ground rent and service charges for any leasehold properties as a cost in the affordability assessment.
confirm the mortgage is affordable using the affordability calculator.

When using Introducer internet:

use the How to Assess Affordability Guide to ensure you enter the income and commitment details correctly.
ensure you input an applicant’s Name, Date of Birth and Address correctly, so that we can trace the applicant on the elector's roll and/or the Credit Bureau.
only record the number of dependent children once. By including under each applicant will duplicate commitments and reduce affordability.
fully complete Employer’s Address/ Accountant’s Details/ 2 or 3 years Self Employed Figures to avoid any unnecessary delay.
make full use of the notes section to explain how Commitments to be Excluded are to be repaid. The notes should also be used to cover off Additional Capital Raising.
use the loan breakdown section to highlight if a remortgage application has an element of debt consolidation.
give full details if any housing schemes are in place, for example, Right to Buy, Shared Ownership etc. Also be sure to include the Shared Ownership rent amount as a commitment.
enter full details of any other existing mortgages outstanding i.e. outstanding balance and sale price.
provide correct Solicitor details and complete the DDM in all cases.

When supplying additional information:

use the new Fax header sheet to confirm you have the necessary documentation and the customer is eligible for the product code selected.
use the Rental Income Form if the applicants are not redeeming mortgage(s). Remember when calculating the costs of Buy to Let properties in the background, the higher figure of 6% of the mortgage balance or the actual payment x 125% will need to be covered by rental income to be treated as self financing.
only supply a signed declaration if a lender's or a landlord's reference is required - we do not accept employer's references.

Any application must meet our standard lending criteria and we reserve the right to request additional information.