Five Steps to Perfect Packaging

To help ensure the application process is as smooth as possible for you and your customers, we have outlined our top five tips to help you package your case:

Step 1 – Explanation of large transactions on bank statements: we will always require an explanation where bank statements show large amounts of funds deposited into an account, which is inconsistent with the income of the customer. This could be any single transaction over £10,000, multiple transactions to or from the same account equating to over £10,000, or any other regular transactions which may appear inconsistent.

To help you provide this information, we have a created the ‘Gatehouse Large Transactions Template’ which can be found here. We suggest this is uploaded with other documents (where applicable) as part of the application process.

Step 2 – Statement of Wealth Form: this is mandatory on all applications and is simply a written summary of the activities that have led to an applicant’s net worth. Each statement will be unique to the customer but our form gives useful hints and tips.

Step 3 – ID: a passport should be copied clearly so that any watermarks are visible and where possible in colour. The certifier should state the photograph is a ’true likeness’ of the individual and on occasion, we may need to contact the certifier to verify their credentials. To capture the relevant information, we have created a Gatehouse ID Verification Form and would recommend it is used to avoid queries relating to proof of ID.

Step 4 – Proof of deposit: please ensure this is provided for all purchase cases. This should show a build-up of funds over time and the source, for example, regular salary credits. Where the proof does not show this, please provide a corresponding statement explaining how funds have accumulated.

Step 5 – Mortgage statements: where an applicant has a mortgage, which will not show on a UK credit report, for example, a mortgage overseas or held with a lender based in Jersey/Guernsey/Isle of Man, please provide the latest mortgage statement to confirm satisfactory conduct. Where they also have a BTL portfolio please ensure our Gatehouse Portfolio Template is fully completed.

We also have packaging checklists to walk you through our requirements and of course our case managers, telephony BDMs and BDMs are here to help you with any queries you may have.

Thank you for your continued support.