the importance of being patient
Buying and selling property can be a stressful business and never more so than in the current climate. Lockdowns, ever changing rules and restrictions and huge numbers of the country’s workforce working from home can all add up to delays in completing your sale or purchase.
Arranging your mortgage is no exception in this process with some lenders taking far longer than normal to assess and underwrite applications. It’s at times like this when having the advice and support of a mortgage adviser can really make all the difference. We have seen a number of examples recently of cases that would have flown to the offer stage in pre COVID times which can now take several weeks to be fully assessed.
Here are some of our top tips:
1. Seek advice from an independent mortgage adviser.
We aren’t just trying to sell our services, using an adviser can make all the difference in getting your mortgage offered. An adviser is able to research the whole of the market to find you the best deal available to suit your circumstances and will also know how long lenders are taking to process applications. This information is invaluable and helps to manage the expectations of all parties in the process. Most advisers will have good working relationships with their lender account managers which can be really helpful with tricky or complex cases
2. Get organised
It will really help your adviser if at your first meeting you are armed with all the information needed to make a recommendation. This means being able to provide pay information, regular outgoings, credit commitments and information regarding your credit file. If you can provide payslips, bank statements and your credit report this will be invaluable in helping your adviser make the best recommendation for you and will also mean that your adviser has the paperwork to hand to deal with initial underwriting queries.
3. Paperwork – be prepared
When your application is submitted you may be asked to provide extra information straight away however be aware that sometimes underwriters will request more information several times. This doesn’t necessarily mean there is a problem they just need extra information to support your application. If you aren’t sure why something has been requested then ask your adviser to explain it to you. Sometimes requests can seem obscure until you find out the reason behind it.
4. Patience is a virtue
Ultimately in these strange times patience really is a virtue! With lockdown restrictions making valuation appointments more tricky and bank underwriting teams working from home there is no doubt that this has had an impact. Make sure you get regular updates from your adviser and ask them to update other parties involved in the process such as estate agents. All parties working collaboratively has never been so important as it is now to get your purchase over the line!
