Your
lender needs to make certain checks before agreeing to your loan. If you talk
to them nicely you may be able to find out how you can speed this process up.
A
simple example is the employers' references. A call from you to your boss or personnel
dept can get them to turn around the lender's request for earnings confirmation
much more quickly.
If
you're leaving another lender they may well drag their feet so your new lender
may be happy just to see your old mortgage statements… Ask them.
But
are you really in a hurry?
If
you're getting a mortgage to buy a new home, you probably should be in a hurry.
You want to buy it before someone else does.
But
the question to consider is: how quickly do you have to move as
opposed to how quickly do you want to move.
This
may depend largely on the sellers: Are they desperate to get things completed?
Or is their new home stuck in a slow moving chain?
If
their purchase falls through, and you've sold your own house, it could mean you
end up having to pay expensive rent for months.
So
while it's usually a race to buy your home, remeber that it's usually a long distance
one and perhaps it's a good idea to pace yourself.
If
you get caught out and need to buy your new home before you've sold your old one
you could revert to a bridging loan, but - like short-term accomodation
- these are expensive. Click here to
read more about bridging loans.
(If you want
to speed up your application see above)
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Please
note, this information is NOT necessarily RELEVANT in Scotland
