When it comes to submitting applications to lenders, a slow turnaround time to offer is a top bugbear of mortgage brokers.

During the first lockdown, when the market had to adapt to remote working, brokers faced new challenges. Following that, the stamp duty holiday led to a dramatic upturn in applications as borrowers hoped to avail themselves of the tax saving, and brokers were never busier.

These challenges have led to lender reports of a dip in the quality of applications due to additional logistical and time pressures on advisers.

We have a page on our website that’s filled with top tips for faster processing

With buying a home frequently named as one of the most stressful things to attempt in a lifetime, the last thing a broker wants is unnecessary delays in processing, or to be going back and forth to the client with repeated questions and forms to complete.

Mortgage Strategy asked some of the country’s top intermediary lenders what advisers could do to better package applications to secure a faster turnaround time.

“At the height of the pandemic — while brokers had more applications to contend with than in a long time, along with remote working challenges — we saw an increasing number of advisers naturally struggling with applications in terms of getting all the information needed,” says BM Solutions head Phil Rickards.

“This was having a knock-on effect in application-to-offer times.”

Rickards adds that things have since improved, but he stresses the value of getting the application right from the get-go.

Having a good relationship with your BDM is incredibly important

“Inaccurate applications can lead to delays, so it’s important that brokers take full advantage of the support available from lenders.”

Accord Mortgages managing director Jeremy Duncombe highlights why confirming even the most obvious details before submitting an application, such as the client’s name and address, is crucial.

“This is a pretty basic one — but you’ll fall at the first hurdle if it’s incorrect. Make sure your client’s name and address details are up to date. Delays may result if not,” says Duncombe.

“There are many things brokers can do to help ensure cases go through as smoothly as possible but, as each lender may have slightly different requirements, it’s always worth checking if they have specific advice on packaging a case. We have a page on our website, for example, that’s filled with top tips for faster processing.”

It is in no one’s interest to have lots of back and forth between us

Duncombe adds: “Small things, such as uploading all documents at the same time so our underwriters have everything at once, can help, as can making sure any valuation fees are paid. This can easily be forgotten but making sure it’s done helps get the ball moving.

“The better a case is packaged benefits everyone — saving brokers, clients and lenders time while building relationships all around.”

Although not providing enough information can slow down the application process, so too can including too much, according to Coventry for Intermediaries corporate account manager Ben Williams.

“Providing unnecessary documents can really slow things down as, once a lender has received something, they have to review it. So being sure of what you need is crucial,” he says.

And, like in an exam, brokers should ensure they “read the question properly” and fill in all the required areas correctly, adds Williams.

Uploading all documents at the same time can help

He continues: “It may sound obvious but brokers should make sure the application form is fully complete, and use notes sections for additional information they think will help. By giving the lender the chance to provide their best service, brokers can provide excellent service to their clients.”

HSBC head of intermediary mortgages Chris Pearson stresses the importance of a business development manager (BDM) to fast turnaround times on applications.

“It is in no one’s interest to have lots of back and forth between us, the broker and the applicant, which can add days or weeks to an application,” says Pearson.

“Navigating the spectrum of lenders’ packaging requirements across the market is a tricky job, especially as most lenders are evolving their post-pandemic policies to ensure customers are treated fairly and can afford the mortgage.”

It’s important that brokers take full advantage of the support available from lenders

Pearson continues: “Having a good relationship with your BDM is incredibly important as they can quickly identify what’s required for those unusual or quirky cases. Getting to know the customer is key, and investing time looking through, for example, bank statements can help build a clear financial picture and throw up some extra questions that can be addressed before submission with evidential documents.

“The broker knows the customer better than anyone does in the journey, so extra narrative on the application will help the underwriter get closer to the specific circumstances and prevent extra questions being asked.”