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 rejection. 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 surveyor.It gives an opportunity to get comparable properties and submit a case to the surveyorwho may then be able to increasethe figures. Of course, if the case goes straight to the lender, then a lower amount would normally be offered. Generally using a mortgage packager saves a good deal of time and effort on everyone's 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 sell the property, you may find that you struggle with your payments if the rentals don't cover.
I found Savills Private Finance to be good packagers. I worked with them for several years - and now refer my own friends to them. Little tip - if you want the kind of "Top of the pile" relationship I had with them - get to know your personal advisor well, treat them with respect, make them feel good about working with you - and NEVER be rude or impatient with them.The nicer you are to people the more they will enjoy / want to work with you.
Based on lots of experience with different types of Brokers -I would always choose a mortgage packager now to do my mortgage. Low risk rejection!
Mortgage Packager Definition - Wiki Mortgage packagers put together a complete case for a mortgage loan before it is submitted to the lender, reducing the risk of rejection from the lender. The services of a mortgage packager are used by a mortgage broker and cannot be accessed directly by members of the public. A packager is also able to get exclusive mortgage deals directly with lenders that are not available to the individual and smaller brokers. Normally when a buyer applies for a mortgage, the buyer spends time completing mortgage application forms with a mortgage broker. The mortgage application forms are then sent directly to a lender on the buyer's behalf.