Mortgage Now UK Ltd

Fast Track

This is currently used by many lenders to streamline the mortgage process. Normally this is applied to mortgage or re-mortgage applications with at least 25% equity within the property. Should the applicant obtain a pass 'A' credit core, or in some cases a pass 'B', then the lender may not request proof of income, resulting in the 'fasttrack'. This can save time bearing in mind some of the constraints placed upon the exchange and completion dates of the buying process. All lenders do reserve the right to request proof of income. Fasttrack can apply to both employed and self-employed applicants.

Self Certification

This is where, subject to certain criteria, a lender will not ask for verification on income. This is predominately aimed at the self-emplyed due to the erratic nature of income streams, which can be due to seasonal work, bonuses, income from abroad and so on. All of these types of income can sometimes be difficult to prove within the time constraints of both re-mortgages and purchases, hence the use of self-certification. This can also be used for the employed, especially those, as an example, who are paid erratic commisions and bonuses. In a nutshell self-certification is for people who know they earn the required income but cannot easily prove it. Once again all lenders reserve the right to request proof of income.

TCF (Treating Customers Fairly)

This is the basis that the regulator (Financial Services Authority - FSA) and all brokers base their business practices on. There are six main categories which are as follows:

1. Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
2. Products and services marketed and sold in the retail market are designed to meet the needs of indentified customer groups and are targeted accordingly.
3. Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
4. Where consumers recieve advice, the advice is suitable and takes account of their circumstances.
5. Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
6. Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

In summary Mortgage Now UK Ltd incorporates these values within the structure and practices of its business.