Mistakes to avoid when submitting specialist applications

August 28, 2024 by Brendan O'Neill

Advice & Tips

Mortgage Advisors

Preparing a specialist mortgage application is more complex than a standard one.

This means that mistakes can be made, yet here are some common errors that are easily avoidable.

Inaccuracies

Sometimes, advisors can enter inaccurate information because they are working against the clock to get the application in.

Anyone can make a mistake – even professionals with a CeMAP mortgage advisor qualification and years of experience! However, these mistakes can lead to delays in getting a decision and sometimes even a rejection, so it is important to find the time to double check everything prior to submission.

Lack of detail

Most specialist lenders assess every application on an individual basis. This means that the more background information about the borrower they have, the easier and quicker it will be.

Advisors should include details about everything from credit history to employment history and current status.

Missing documents

A particularly frequent error is to forget to include documents that are essential for initial underwriting.

Examples of these are mortgage repayment evidence, proof of income, bank statements and identity documentation. The documents should be reviewed before submission too, in case there is data within them that needs an explanatory note.

Incomplete sections

If any section of the application form is not completely filled out, it can slow down the process or cause a rejection.

This includes parts that do not seem to be particularly significant. Some of the sections that advisors can forget to complete include the client’s national insurance number and birth date.

Always check to see that each section is totally complete before sending the application in.