Additional Borrowing policies and processes

1. Follow the Broker Portal tile for the 'Existing Customer Portal'.
2. Click on 'Additional borrowing' from the top bar to be taken into the application.
3. If the client is in the product transfer window you will be given options of how you'd like to apply. 

Once you submit the application you’ll receive one of the following lending decision messages:

• Decline: This can't be appealed. If your client is applying for additional borrowing with a product transfer you will need to apply for the product transfer separately.
• Refer or Accept: If you receive either of these messages you will be able to proceed to submit a full application with packaging for underwriter asssessment.  If the additional borrowing is declined by the underwriter but your customer wants to proceed with a standalone Product Transfer application, please call our Business Development Team who can assist you with this.

Once you have submitted and selected to lock your application, you'll have 21 days to upload all the packaging requirements within your additional borrowing dashboard. During this time, your client's product will be secure. However, if you do not upload all documents within this timeframe, the application will lapse and you will be required to reapply and rates may have changed.

Note - Only the broker with access to our existing customer platform will be able to upload documents. Our tracking service will become available to administrators access once all packaging has been uploaded and we have successfully recieved the application.

1. Once all packaging tasks have been completed on your application dashboard, we will then conduct a hard credit search on the client(s) and the application will submit to our underwriters for assessment. We will send you an acknowledgement email to confirm we have recieved the application. 

2. If you have chosen a fee payment product you will then be able to pay any fees that are associated with the application via the additional borrowing dashboard. We will also email you when this task is available to complete.

3. Where a case is agreed by our underwriter, an offer for the additional borrowing amount will then be emailed to your client(s) which they will need to electronically sign to accept. You will also receive a copy of this document.

4. Once accepted, the funds will be available for release to the client within 48 hours or they can specify a date after the 48 hour window.

5. The Additional Borrowing sub-account will go live once the funds have been released.

If the application being completed includes a product transfer for any existing sub accounts:

6. Once the funds have been released, we will then send an email to the client(s) notifying them that their Product transfer offer (variation agreement) is ready to accept with instructions on how to confirm their agreement via 'Manage your Mortgage'.

7. After the acceptance has been received, the new rate will take effect either when the existing rate expires, or as soon as possible if they are on SVR or switching as part of the Track & Switch feature. Where there is more than one sub-account switching with different product expiry dates, these will be keyed as separate applications. We’ll send the paperwork for the sub-account that is due to expire first and once the rate is live on that relevant sub-account, we’ll then send the paperwork for the next sub-account(s).

Note - The client will still only make one monthly repayment by Direct Debit and we will write to advise them how much their new combined monthly payment is and when it will be due.

The Additional Borrowing will be keyed first and only once funds have been released, will the Product Transfer application be processed.

Up until submitting and locking in your application, you can return to the application at any time to make amendments. Information will be stored for upto 180 days unless an application is locked.

After submission and application lock, if you'd like to change the rate or any details of your additional borrowing application this can be done but only after your application has been fully submitted and all document tasks completed.

Once submitted, you can request this change through the application dashboard anytime until offer acceptance.