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.
Now that you've read this are you interested in talking to a mortgage adviser? Fill out the quick form below and you'll be contacted soon by an independent, regulated mortgage specialist for a free no obligation quote.
and £15,000 on your Mortgage
Get a custom rate and see how much you will save
by filling out the quick form below.