Stage Process for Unregulated Finance
Provided by your broker
1. What do “terms issued subject to valuation & application” mean?
These are initial terms not a final approval. The lender is interested but must still complete a valuation and underwriting before issuing a formal offer.
3. What happens next in the process?
After terms are issued, the broker submits your full application and the required documents to the lender.
2. Am I approved at this stage?
Not yet. Approval depends on the valuation result, your documents matching the information submitted, and the outcome of underwriting and compliance checks.
4. How does the valuation work and who pays?
The lender instructs the valuation, and you pay for it (usually upfront). Valuation outcomes depend on property condition, comparables, rental income, and any legal or structural issues.
5. How does underwriting work?
Underwriters review your financial documents, credit profile, background information, and the property valuation. They may request additional information or clarification.
7. Can the lender change the terms after valuation?
Yes. Terms can change if the valuation is lower than expected, additional risk emerges during underwriting, or documentation reveals new information. Your broker will negotiate or discuss revisions with you.
6. Why is a Teams call required?
Many lenders require a Microsoft Teams video call to verify your identity, confirm your understanding of the loan, ask clarification questions, and satisfy compliance checks. Your broker will prepare you for this call
8. What if the valuation comes in low?
You may proceed with a reduced loan amount, add more funds, or withdraw the application. Your broker will help you decide the best option.
9. What documents do I need to provide?
You may need ID, proof of address, bank statements, asset & liability statement, company accounts, proof of funds, and property information. Providing everything promptly helps avoid delays.
11. When do I need to pay fees?
Valuation fees are paid upfront. Broker fees are due at offer or completion depending on your agreement. Lender fees are typically paid at completion or added to the loan.
10. How long does the process take?
Valuation: 3–10 working days
Underwriting: 5–15 working days
Legal work: 2–6 weeks
12. If problems arise, how will my broker help?
Your broker can challenge valuation issues, provide comparables, negotiate revised terms, respond to underwriter queries, manage communication between parties, restructure or repackage your application, or explore alternative lenders if needed.