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  • Mortgages & Finance

    Speed up your mortgage process

    Everybody wants their mortgages to go through quickly and smoothly.  The longer the process goes on, the more money is lost/expended.

    There are many different stages when applying for a mortgage, right from the moment you get in touch with your broker.

    How can you speed things up?

    Gather your documents together before you move forward, save them to a dedicated folder on your computer and keep them updated each month.

    Gather together as a minimum:

    - A copy of your passport

    - A copy of your driving licence

    - A copy of all your income proof for 3 years if possible. (Sa302/Tax calculations/Tax overviews/payslips)

    - A copy of all your LTD Company (if you use one) income proof for 3 years if possible. (Sa302/Tax calculations/Tax overviews)

    - A copy of your personal bank statements for at least the last 3 months.

    - A copy of your rental account bank statements for at least the last 3 months.

    - A copy of your company accounts (if you use a LTD company)

    - A copy of your AST(s) for the properties

    - A copy of your property portfolio/spreadsheet/schedule

    - Details of any missed payments/credit issues

    - A copy of anything else you think may be relevant.

    Once you have these documents, find a reputable and proven broker who understands the 'need for speed' on some cases and book an appointment to speak with them for a 'fact finding' meeting or phone call.

    Ask your broker to update you as often as you require, and also let them know how to update you.  Most brokers are quite good with technology and can handle things such as whatsapp if it is your best form of contact!

    Then when your broker has found you your best deal, ask them to put in a Decision in Principle (DiP) so that you can have the best indication of the application sailing through without hitch.

    After the DiP, if you are still happy with the deal, ask your broker to continue with the application and they will update you accordingly with any outstanding documents etc that they need.

    Have a date in mind for when the valuer gets in touch so that you can let them in, or arrange with the tenant for this visit.

    If you have your own solicitor, maybe ask if they are running behind at the moment or if they would be able to assist you quickly.  If you are using one of the lender/broker recommended solicitors, ask for them to be chased up by their admin team.

    As mentioned above, a good broker will do most of the leg work for you as they are on your side and working for you, but if you can help them out by supplying the initial documents, you can speed things up dramatically.

    Get in touch. austyn@ptfs.co.uk

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    Financial Consultant working with Property Tribes Financial Services.

    BTL Specialists.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@ptfs.co.uk     07500 871209