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Friday
20th June 2008
Dear
Intermediary
With continued
volatility in our market and money market rates
increasing, we have had to review our pricing, in line
with other mortgage lenders. The new rates will be
launched on Tuesday 24th June 2008 across the
First National Core and Buy to Let ranges. Updated
product and rate guides are attached to this
communication.
Additional
Criteria Changes
Child and Working
Family Tax Credits
Effective Tuesday 24th
June 2008 we will require applicants that are using
Child or Working Family Tax Credits within their income
calculation to confirm that they will be in receipt of
this benefit to the best of their knowledge for at
least 3 years from date of application. We will
accept confirmation by receiving a copy of the reward
letter showing the amount they will receive. Please
find attached the updated Mortgage Application form,
further copies of this and the Addendum form can be
obtained by visiting www.firstnatonline.co.uk
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BTL Distribution
Change
With increasing
pressure and the need to manage frequent changes to
price and/or criteria, we will be limiting the
distribution of our BTL offering. If you are currently processing a BTL
application, we will require the attached submission
list to be submitted by 5:30PM on Monday 23rd June
to marie.reacord@ge.com .
Deadline Dates
The arrangements
are as follows:
1. The new
product range (NPM2608 and FNM2608 - effective from 24th
June 2008) replaces NPM2208 and FNM2208 (effective from
27th May 2008).
2. You
will need to have an IDOL decision on the current 2208
range by 23rd June, (you will have the ability to
input cases via IDOL across the weekend and up to 8pm on
23rd June).
3. Regarding the
BTL range, BTL2608 will replace BTL2308, we shall
require the attached submission list to be completed and
submitted by 5.30pm on Monday 23rd June to marie.reacord@ge.com .
4. We need
to receive the fully packaged cases for Core NPM2208 and
FNM2208 and BTL2308 by Friday 4th July.
5. If cases are
submitted to an onsite underwriter
please be aware of their availability on 4th
July ensuring that full packs are submitted either
before or by this deadline.
6. The
Mortgage offer deadline will be Friday 25th July
, after this 2608 rates and criteria will apply.
7. As you are
aware over the past few months, we have been focusing on
improving the quality of packs being submitted and we
have introduced Quality of Pack Training and provided
you with a packager submission checklist. In order for a
full pack to be assessed, we will only accept cases
where the checklist has been provided and completed in
full and the supporting documents are enclosed. Please
ensure that this form is completed in its entirety, as
incomplete packs will be returned for re-submission on
the new rates.
A fully packaged
submission must include as a minimum:
- Fully
signed and completed application form
- Fully
Completed Packaging Checklist
- Addendum
Form (Generic Application Forms)
- Copy of
IDOL submission form
- Satisfactory
Know Your Customer (KYC)
- Proof of
last 12 months mortgage payment if not shown on CAIS
- Proof of
Residency for Last 12 months (if not on Voters Roll)
- Proof of
income (if required)
- Credit
search if IDOL decision is not required (i.e. BTL)
- Valuation
report
- Four
Valuation Photographs
- BTL - Assured
Shorthold Tenancy (AST) agreement (remortgage only)
Packager
Checklist
To assist with
the submission of a fully packaged case we have attached
our Packager Checklist which outlines all the important
elements required for a complete submission.
Deadline Dates
for 1408 range
Following an
influx of business on our 1408 range, which closed for
submissions on the 13th June, we should have reviewed
all of these cases by Tuesday 24th June. Any
outstanding needs requested must be with us by Friday
4th July, so that we may issue an offer to your
customer. Please ensure that these outstanding needs are
posted (not faxed) to us together to avoid duplication
and delays in processing. If there are needs still
outstanding after this date, 2608 rates and criteria
will apply.
If you have any
questions please do not hesitate to contact your
National Account Manager, Business Development Manager
or the Sales Liaison Team on 0845 610 6560.
Kind
regards
-
Mark
Snape
Sales
Director Packager Channel
PLEASE NOTE
THAT THE ATTACHED IS FOR INTERMEDIARY USE ONLY AND
SHOULD NOT BE DISPLAYED WHERE CUSTOMERS MAY VIEW IT NOR
SHOULD IT BE SHOWN TO CUSTOMERS.
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