In the UK’s ever-competitive property market, time is often the difference between a successful deal and a missed opportunity.
This is particularly true for mortgage brokers who face frustration, wasted time, lost fees and, in some cases, lost clients due to delays in securing finance.
That’s why brokers across the UK are turning to specialist lenders like RAW Capital Partners, who have the expertise and personalised approach to lending, when they need to navigate the UK’s property market at pace.
At RAW Capital Partners, we know how important speed is. This blog will explain how we provide it…
Approval in Principle – less paperwork, less waiting around
It is our policy to divide the mortgage application process into two: the first from enquiry to approval in principle and the second from approval in principle to drawdown.
In the first stage, we invite the mortgage broker and their client to provide information to paint a comprehensive picture of the applicant and their circumstances. We request as little documentation as possible at this early stage (typically just an uncertified passport and utility bill).
Once received, the application is processed by our friendly New Business team and presented to our in-house Credit Committee for their consideration. Our Credit Committee meet twice per day when required (mid-morning and mid-afternoon) to eliminate unnecessary delays.
In most cases, an approval in principle is provided the same business day a full application is received.
Our process speeds up deals and saves brokers valuable time – they don’t need to provide documents, chase our team for decisions, and can rely on the fact that we will provide a DIP when we say we will.
As a result, they can spend more time supporting clients and growing their business.
Pre-completion – eyes on drawdown from day one
When an approval in principle is issued, we ask that customers sign and return a copy and pay the valuation fee included therein. Once paid, our Mortgage Executions team get to work!
Once more, our process is designed with speed in mind. Within a day or two of receiving the valuation fee, we will a) instruct a surveyor to value the subject property, b) instruct a solicitor to act on the lender’s behalf, and c) conduct an ‘initial review’ of the customer and prepare a list of due diligence required. These happen simultaneously to avoid unnecessary delays.
We maintain a panel of surveyors to ensure we can obtain a valuation in a timely manner. Meanwhile, we allow ‘dual presentation’ – where a solicitor firm acts on behalf of both the lender and borrower – on new purchases.
Finally, while regulatory requirements are strict, we try to minimise their impact on our customers but making our requests a) concise, b) comprehensive, and c) justifiable. Our aim is to ask only once and only for what is required.
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Case study: £1.3 million BTL mortgage delivered in 10 days A recent case study, which featured in PropertyWire, is a useful demonstration of this approach to lending in action. A broker came to us on behalf of a client based in the UAE, who needed funding for a £1.3 million UK BTL property. With the purchase deadline fast approaching, the deal needed to move at speed. Traditional lenders were unable to meet the timeline, and the risk of the transaction falling through was increasing by the day. RAW Capital Partners was able to step in, and we issued a DIP within 24 hours. Our in-house team worked closely with the broker to assess the application, manage the underwriting process, and support the valuation. The result? The mortgage completed in just 10 working days from application to drawdown. Not only did the broker secure their fee and satisfy their client, but they also reinforced their reputation for delivering results under pressure. |
Fast and flexible by design
With a clear understanding of the pressures that brokers face, our approach to lending is designed with flexibility and speed at its core.
With demand outweighing supply, we know that time is critical - whether a chain is at risk, a deadline is looming, or a client expects a lot.
Whether your client is UK-based or overseas, buying a single unit or building a portfolio, we act quickly and decisively to get deals done.
Get in touch with our expert team to find out how we can help save you time – and support your next case with speed and certainty: https://rawcapitalpartners.com/mortgages