Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial have stated all buy-to-let and residential pipeline cases, where valuation fees have been paid, will now be progressed in line with the lending policy in effect at the time of application.
in addition, the lenders, who are all part of the OneSavings Bank group, will honour the product the case was initially submitted on.
Due to the current climate, there will be some additional underwriting checks needed, such as ensuring the client’s current circumstances are considered. However as long as these requirements are met, the original application will be able to progress.
In addition, the three lending brands approach to furloughed customers has been published and they will consider applicants currently furloughed, subject to additional underwriting.
Brokers are advised to review the details, which are available to view on each of the brand websites and to contact their business development manager if they have any further queries.
Alan Cleary, managing director of OneSavings Bank said: “We’ve continued on a strong trajectory to show our commitment to brokers by standing strong alongside them during this challenging time. By leveraging our position and making prudent decisions we’ve been able to continue to support brokers whilst protecting the health and wellbeing of our staff and customers. We’re in a position that we can move forward as a group and help brokers develop their business as well as ensure they can continue to service their existing customers.
“As a broker centric lender we’re fully aware how important it is to a broker and their customer that when they pay a fee for a product, they have the confidence that their transaction will be honoured. We’re pleased to be in a position where we can progress those cases we had on hold.”
“We’ll work on cases in date order but ask that brokers please bear with us as we’re working in exceptional circumstance at reduced capacity. Our broker partners have my personal assurance that we’ll get to them to discuss their client’s needs and will uphold existing arrangements subject to underwriting. I’m pleased to confirm that as well as the business development managers, we will also have our broker contact centres available as additional support so together we’ll get through this and come out the other side.”
