When buying a property one of the most common frustrations is the amount of time it takes to get from an agreement to purchase to completion of the sale.

Probably the most significant impact on the timeline is likely to be the mortgage application process. This is largely because post 2008 the major lenders have been forced to ‘bootstrap’ their vetting process. This means more information and therefore, more questions.

There is little that can be done to speed up the process and, frankly, you should not want to do so. The various requirements are put in place to protect lenders as well as banks. However, there are some simple things you can do to help smooth the process. They are;

  • Put together proof of your available deposit as soon as possible in the application process.
  • If you are borrowing from a family member your lender will want to see a clear source for the money and an undertaking that the money is part of a gift.
  • Make sure you have up-to-date proof of ID and address. If you have changed your name make sure your passport, driver’s licence, etc have been updated. The same with changes of address and the electoral register.
  • Ensure that all avenues of communication remain open. This might mean providing several email and phone numbers. If you are away on vacation, let the relevant parties know and try to stay in touch.
  • Put together a detailed budget of income and expenses and collate all supporting documentation such as payslips and P60s, bank statements and the like.
  • Consider using a professional mortgage advisor such as Mortgage Required and, if you don’t use one, make sure to call your lender regularly to make sure nothing is being unnecessarily delayed.
  • Don’t apply for credit before the application process or make any substantial changes to your employment or monthly budget.

All of these precautions are administrative. There is no real way around the process but you can, at least, prepare for it and make the process efficient and trouble-free.

Of course, one of the best ways to ensure a relatively trouble-free application process is to employ a professional mortgage advisor to act on your behalf. We do this every day for hundreds of clients and what might seem complicated and painstaking for you is ‘bread and butter’ to us.

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For more information or to speak to a mortgage adviser, contact us on 01628 507477.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

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