We Package for the following Lenders.
A mortgage packager is slightly different to a mortgage broker. They have the advantage of being able to put together the whole application for your mortgage BEFORE the lender sees it.
Normally when you apply for a mortgage, you fill out a form with the mortgage broker, and it then gets sent to the lender. Then the lender processes the form, applying for your employer reference, accountant references and your survey - as well as wanting to view your statements and finances. This process runs the risk of the lender rejecting you if they are not happy with everything they find.
With a mortgage packager they actually do all those things BEFORE it gets to the lender - reducing the risk of regection. They also are usually able to get special deals and exclusive packages not available to the individual and smaller brokers. In the current climate it is certainly very useful to be able to see the valuation before it goes to the lender, in light of the fact that buy to let lending normally rests on the rental valuation.
Where clients are convinced that the rental or value should be a higher figure than that quoted by a surveyer. It gives an opportunity to get comparable properties and submit a case to the surveyer who may then be able to increse the figures. Of course, if the case goes straight to the lender, then a lower amount would normally be offered. Genrally using a mortgage packager saves a good deal of time and effort on everyones behalf and makes the process alot smoother.
Just a point to be aware of when you are using a packager, if the valuation does not stack up, and you have to get the property re-valued, it may be best to take the advice of the 1st valuation to protect your own interests. If you get a property re-valued to suit yourself, and then need to rent or sellthe property, you may find that you struggle with your payments if the rentals don't cover.