Tim O’Hanlon – Managing Director – TORC24 (part of The New Homes Group)

How long have you worked in the new homes mortgage sector?

I have worked in the new homes sector for over 26 years. I was at my previous company for 15 years, and have now been with The New Homes Group for 11 years.

What is your day-to-day role as Managing Director of TORC24?

I oversee and manage TORC24 which provides Shared Ownership mortgage advice to customers and supports a large number of mainstream housebuilders in providing their customers with mortgage advice. I am constantly striving to work with new Registered Providers and housebuilders to add to our client list.

What is the process of a new homes mortgage application?

Once customers have spoken to a housebuilder or Registered Provider about a Shared Ownership property, it is very common for them to ask for an affordability assessment with one of their recommended mortgage brokers. This assessment will give customers the chance to ask any questions about the scheme and to see what share of the property they can afford. Once this is complete, a property may now be allocated to purchase. As part of the reservation process, Registered Providers will typically require us to review and prepare some of the client’s documents on their behalf. Whilst this runs in the background, one of our Mortgage & Protection Advisers will be working with the customer to understand their needs ensuring we recommend a relevant mortgage lender and product that best suits them and their budget. We have a team of dedicated Shared Ownership case handlers that will keep the customer and the Registered Provider updated at every stage of the mortgage application, and will be on hand to answer any queries along the way.

What does a housebuilder need to consider in terms of mortgages for their Shared Ownership homes?

As property prices increase and schemes such as the Help to Buy Equity Loan are drawing to a close, the popularity of Shared Ownership has continued to rise. During these times where Affordable Housing is increasingly needed, housebuilders need to understand the importance of a New Build and Shared Ownership Specialist Broker as this advice to buyers is critical to the smooth process of the transaction. We are still seeing far too many cancelled transactions and failed completions due to poor advice given by mortgage brokers who are not familiar in the Affordable Housing market.

Can you tell us about your role in the Shared Ownership new homes market?

Our primary role is to support our housebuilder client and their customers in giving the best advice and assistance throughout their whole purchasing journey, not just from the initial financial assessment, but right through to the magical day of legal completion and stepping through the door of their new home. This means providing the best customer service and communicating effectively with all parties throughout the transaction whilst utilising our specialist new build knowledge.???????????????????????????????????????????

What can we offer that others can’t?

We are the specialists when it comes to Shared Ownership mortgage advice. Our team can help buyers understand the rules and eligibility requirements for the scheme in great detail, as well as discuss how they might be able to increase their ownership in the property over time to eventually own 100%. One of the challenges a buyer may face when reserving a Shared Ownership property is how a growing number of Registered Providers now require their recommended mortgage broker to complete a thorough AML (anti-money laundering) check, effectively ‘signing off’ on the buyers affordability and suitability for the purchase. This process can be quite complex as each Registered Provider has a different set of requirements for this, which can be overwhelming for a buyer when shopping around for different properties. TORC24 work very closely with a range of Registered Providers to ensure we have an in-depth understanding of their requirements. We also offer face to face mortgage appointments which is unique in the marketplace as Shared Ownership has traditionally been only offered as a telephone service. As the pandemic changed, the aspect of us visiting clients did too and so we also offer mortgage appointments over video calls too. This is extremely vital as there is so much information to take on board and, by talking it through face to face, you can quickly ascertain if there are any issues with the transaction quicker than just talking it through over the phone.