Hodge no-search indemnity insurance helps intermediaries meet stamp duty holiday deadline
With the stamp duty holiday looming and brokers and IFAs doing all they can to push completions through, Hodge has risen to the challenge by making a host of process simplifications, reducing its mortgage application processing by half over recent weeks.
And to help intermediaries further, the specialist lender is accepting no-search indemnity insurance for those buyers unable to get searches done in line with the deadline.
Hodge has seen its mortgage business increase significantly in the past few months in response to the Stamp Duty holiday, but levels are now peaking as intermediaries push for completion before the 31st March deadline.
To answer that call, Hodge has redeployed resource into its underwriting team to proactively manage its purchase pipeline and has streamlined its processes to significantly reduce the time to completion. These include instructing the valuation far earlier in the process and adopting a more risk-based approach to underwriting.
The acceptance of no-search indemnity insurance is also another way Hodge is helping the intermediary market to meet the SDLT deadline.
Emma Graham, business development director at Hodge, said: “As a result of the pandemic we knew there would be added pressure on local authorities to complete searches in time for the Stamp Duty holiday deadline so decided to help as many customers as we can by accepting no-search indemnity insurance on a temporary basis.
Emma added: “Here at Hodge we always strive to put the customer first and hope this will give them every chance of completing their mortgage in line with the deadline.”