Read on for a number of useful criteria and packaging tips to help speed up the processing of your client's application.
Your client's address history
Once a DIP (Decision in Principle) has been submitted in NFI Online or NFI MTE, any changes to your client's address history will mean the application has to be re-keyed as a new case. To avoid delays, please double check your client's address history is accurate and complete before submitting your application.
Rental Income on Let Properties
Let properties are treated as self-financing where the rent received is at least 125% of the mortgage payment. Please note:
The rent must have been received for a minimum of one month from the date of application, and we'll require bank statements as proof
A copy of the signed tenancy agreement is no longer required
Where the mortgage on the let property is held jointly by the applicants, we only need proofs from one applicant.
Where let properties are mortgage free, a percentage of the total monthly rent received can be treated as income.
If we ask for your client's mortgage statement please provide the latest annual statement from your client's present lender. Internet statements are accepted provided they show all of the following:
The mortgage account number, and your client's name and address
Debit transactions and the start/year end balance, or running balance
The lender's URL web address along the bottom of each page.
If your client is in receipt of a pension income (including state pension), please key this by selecting 'other' in the income section of the DIP screen. This will open a drop down menu of income types where you can select 'pension income'. Please note that at NFI we don't class a state pension as a state benefit.
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