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Frequently Asked Questions

Your clients will always look to you for answers. So, it’s important you know where to turn to when you need some extra support with a challenging case.

See if we have the solution you need.

Coronavirus

Coronavirus – we’re here for you

As the impact of COVID-19 continues to affect us all, we wanted to thank you for your continued support and patience during these unprecedented times. Although the situation we’re facing is changing, the one thing that remains constant is our dedication to you.

This page takes you through the steps we’re taking to support you at this time.

We ask that if you have any urgent queries, you email us brokers@KRBS.com or contact your BDM. Please note that our response times will take longer than normal due to the high volumes of enquiries we are receiving.

In the meantime, here are some frequently asked questions to help you.

  • A combination of government advice, having fewer employees in our offices and a huge increase in calls from existing customers about payment holidays leave us with no choice but to redirect resources to look after existing customers with COVID-19 related queries.
  • If you have a customer looking to take out a payment holiday with us due to the impact of COVID-19, we’re able to support them.
  • To apply for a payment holiday, please direct your customers to our online form
  • Here’s what your customer needs to know before applying:
    If they take a mortgage payment holiday, this means that they won't make mortgage payments for up to three months; we'll add these payments onto their mortgage balance unless they contact us before their payments recommence to discuss alternative options for repaying the unpaid mortgage payments.
  • As a result, their mortgage balance will increase and their monthly payment will be recalculated over their remaining mortgage term. Their monthly payment and the amount of interest they pay will increase for the remaining term of their mortgage.
  • We'll let you know your new monthly amount at the end of your payment holiday.
  • In line with government guidance, your credit rating won't be affected by this arrangement whilst the payment holiday is in place.
  • We’ll aim to reply to their request within 5-7 working days; however, we’re currently experience a high volume of applications, so this may take a little longer.
  • Please note that if you’ve already emailed us, we’ll respond as soon as we can.
  • We’ll make every effort to support customers who are already in financial difficulty. Please ask your customer to fill in our mortgage payment holiday form so that we can get in touch to discuss the best options available to them.
  • If your customer takes a mortgage payment holiday, this means that they won't make mortgage payments for up to three months; we'll add these payments onto their mortgage balance unless they contact us before their payments recommence to discuss alternative options for repaying the unpaid mortgage payments.
  • As a result, their mortgage balance will increase and their monthly payment will be recalculated over their remaining mortgage term. Their monthly payment and the amount of interest they pay will increase for the remaining term of their mortgage.
  • We'll let your customer know their new monthly amount at the end of their payment holiday.
  • In line with government guidance, your customer's credit rating won't be affected by this arrangement whilst the payment holiday is in place.
  • We’ll aim to reply to their request within 5-7 working days; however, we’re currently experience a high volume of applications, so this may take a little longer.
  • Please note that if your customer has already emailed us, or filled in our payment holiday request form, we’ll respond as soon as we can.
  • Please be assured that, in line with government guidelines, your customer's credit rating will not be affected if they've called us to discuss their options and we've agreed to a payment holiday, as a result of issues associated with COVID-19.
  • If a customer takes a COVID-19 related payment holiday it should'nt stop them getting a product transfer in the future if they otherwise would have qualified for one.
  • Yes. We are ready to process your case, an underwriter will be in contact with you shortly. Please don't call us as this will delay the processing of applications.
  • A member of our underwriting team will be in touch shortly. If you have any urgent queries you can contact your local BDM.
  • We'll put the case on hold for the time being and will let you know when we can start processing the case. If you wish to cancel the application, please contact us using the methods outlined above. Valuation and Assessment fees will be refunded if the case is cancelled and the valuation hasn't been completed and should you wish to re-apply in the future a new application will be required.
  • Cases where the valuation has not been carried out, the broker needs to email refunds@krbs.com quoting the account number and asking for the application to be cancelled and the fee refunded.
  • Due to uncertainty in AVMs we're not accepting AVMs as a substitution for a physical inspection.
  • We'll put the case on hold for the time being and will let you know when we can start processing the case. If you wish to cancel the application, please email us at refunds@krbs.com Please note that our response times will take longer than normal due to the high volumes of enquiries we are receiving.
  • Offer extensions can be considered for Residential cases where the solicitors confirm contracts have exchanged prior to 25th March and the existing customers circumstances have not deteriorated.
  • Yes, we can still process product switches through our choices platform. For further information please email brokers@krbs.co.uk or use our Live Chat service on our website.  Alternatively please contact your BDM.
  • We’re currently receiving a large number of enquiries from brokers and customers, and we’re endeavouring to respond to emails and calls as soon as practically possible.
  • You may have noticed that our Broker Liaison Team phone lines are no longer active. This is to ensure we can protect the safety of our staff and follow the appropriate government advice. The team are still contactable via our live chat service, or alternatively via email at brokers@krbs.com. We appreciate your patience and understanding at this time.

Bank of England base rate change

The Bank of England have decreased the base rate from 0.25% to 0.10%.

The Bank of England Base rate is the British Government's key interest rate for enacting monetary policy.

If you have a mortgage product that is linked to the Bank of England Base rate, then your monthly payments will change. We will confirm the changes in writing to you shortly.

Your mortgage Terms and Conditions remain the same.

Conveyancing

Limited Company/LLP

For any limited company/LLP application, a member of our limited company solicitor’s panel must be instructed by yourself or the applicant.

You will be provided with their estimated fees (in accordance with our fee scale – either dual representation or sole representation). 

Please note that the earlier this is carried out, the timelier and more efficient your conveyancing process is likely to be. This is because your selected solicitor will be able to commence the initial checks prior to your offer being issued.

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Shared ownership

For any shared ownership application, a member of our shared ownership solicitors panel must be instructed by yourself or the applicant.

Please note that the earlier this is carried out, the timelier and more efficient your conveyancing process is likely to be. This is because your selected solicitor will be able to commence the initial checks prior to your offer being issued.

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Products and Cases

Yes, fees can be added to the loan. This will not affect the LTV band of the mortgage product.

There is no upper limit to the number of properties in a portfolio.

This is determined by the individual applicant and the product parameters.

We consider a range of codes but typically 68209 is a common one.

The applicant

Yes, they must have had their contract renewed at least once, with at least 6 months remaining on the current contract.

Equifax is used for credit reference purposes. The search results provide a score as well as credit history and Anti Money Laundering results.

Guarantors are considered subject to status, credit checks and assessed on ability to afford the repayments taking into consideration all existing commitments. The guarantor must have obtained independent legal and financial advice.

Please refer to the product specific pages for guidance on what may be considered.

The broker portal

The updated system is designed to provide a streamlined and simplified process, enabling us to process your cases quicker and more efficiently.

Along with improved AIP decision making, we offer one single journey for submissions and case tracking, making it easier to navigate. Plus, we also send regular case updates out via email and text message.

If you're new to doing business with us, you must register online before using the new system. You can do this here.

When you log in from our website, you’ll have a choice of logins, one of which will be for the previous Broker Portal. This is what you’ll have to use to progress an existing application.

Please note that you can upload documents or add notes to existing applications but you cannot start a new application or AIP. All new illustrations, AIPs and full applications will have to be submitted on the new portal.

You’ll be able to access product transfers by logging into the previous Broker Portal via one of the login options on our website.

You’re only able to use the solicitors on our approved panels. If the solicitor your client wishes to use isn’t on our approved panel, the solicitor firm needs to register to be on our panel before you can select that solicitor firm on the application. More information on how solicitors can register on our panel can be found here.

If you’re submitting a limited company or shared ownership application, you’ll only have access to the solicitors that are on our closed panels.

The new portal is compatible with Chrome, Firefox, Safari and Edge.

This is so that we can underwrite your applications at the point of submission therefore providing a faster service for you and your clients.

Yes – we’ve increased the maximum size of the document from 5MB to 10MB. Please ensure you upload the document against the correct checklist item.

If you have any questions about the new portal or your current cases, contact our broker liaison team on 01634 835791 and they’ll be happy to help.

The income or deposit

Income for the affordability assessment will be based on the directors salary and dividends from the accounts. Retained profits should be viewed as an indicator of the health of a business rather than a means for a borrower to afford a mortgage and care should be taken to consider whether a business would remain viable if any retained profits were withdrawn for personal usage.

Rather than the earned income, it is the ability of the security property to generate income that is used to assess the affordability of the application. However, establishing employment and earned income provides comfort that the applicant is more likely to be in a position to cover any sporadic void periods. Underwriters may request evidence of personal income status on an individual case basis.

Yes, a gifted family deposit is accepted with no additional deposit required from the borrower, subject to gift coming from an immediate family member, the amount is a non-refundable gift, the donor will have no interest in the property and a deed of gift indemnity policy is in place on completion.

Yes, unless the profit has been steadily increasing where income will be taken from the net profit for the latest year.

Benefit income is not acceptable for lending purposes.

For builder/vendor incentives, the value of the deposit/incentive is deducted from the lower of the purchase price/valuation and the loan is based on the lower amount. The borrower must provide the required level of deposit to meet product parameters (e.g. if max LTV is 85%, the borrower must provide at least 15% from their own resources).

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