Advisers are being urged to sharpen their processes as lenders continue to withdraw products and tighten affordability criteria in a fast-moving market.
Click2Check has warned that brokers face a heightened risk of delays and declined applications as mortgage availability contracts and underwriting scrutiny increases.
The credit, anti-money laundering and Open Banking provider said advisers are under pressure to secure deals quickly for clients as lenders reprice and withdraw products at pace.
Recent figures from Moneyfacts indicate that the number of available mortgage deals has fallen by close to a fifth in recent weeks, with around 1,500 products removed from the market.
Click2Check said the combination of reduced choice and stricter affordability assessments means that even small discrepancies in client information could lead to cases being rejected.
APPLICATION SCRUTINY
David Jones (pictured), chief executive at Click2Check, said: “In today’s rate environment, advisers cannot afford uncertainty. Lenders are scrutinising applications more closely than ever and if the information is out of date or incomplete, then the case will be delayed or at worse rejected, meaning more work for advisers and customers potentially losing their rate.
“Click2Check gives advisers the most up-to-date, accurate intelligence they need from the very start of the journey, so they can see what lenders see before they see it, helping them place cases more efficiently, and with far less risk. Having the full financial picture upfront isn’t just helpful – it’s essential.”
The firm said a more rigorous approach to fact-finding is becoming increasingly important as lenders adjust criteria and reassess risk in response to wider economic uncertainty.
FASTER CASES
It added that verified financial data, including credit history, banking transactions and anti-money laundering checks, can help reduce back-and-forth between advisers, lenders and clients.
Jones said: “By removing manual data gathering and reducing back-and-forth, advisers can progress cases faster and with far greater accuracy. This reduces the likelihood of surprises, delays, or declines, protecting both the adviser’s reputation and the client’s outcome.”
Click2Check said that, in the current environment, ensuring a complete and accurate financial picture at the outset is likely to be critical in securing successful outcomes for borrowers.
