Our case handlers work closely with you to process all the paperwork involved with your mortgage, but have you ever wondered if there are steps you can take to help your application progress as quickly as possible? This is a question we’re often asked, so we asked our fantastic admin team for their Top Tips to make the process as smooth as possible.
1. With a residential mortgage the lender tends to ask for more documentation, especially with a purchase – be prepared.
Don’t let this put you off. Remember they are lending you a large amount of money and need proof you can pay it back!
2. Provide exactly what you’re asked for as quickly as you can – sounds simple!
Our dedicated admin team will provide a clear breakdown of all requirements at the outset. Try your best to gather all of this and provide it as quickly as possible. If bank statements have been requested, remember to provide full statements and not transaction lists. If originals are requested, then please don’t send photocopies or photos – we need the original document posted to us.
3. Try to avoid taking any new credit out.
While securing a mortgage, any new credit applications can affect your affordability and credit scoring. It may be tempting to plan ahead and purchase that new sofa or the dream kitchen that you have your eye on in readiness for your new home. However, it’s much better to avoid taking out any unnecessary credit whilst your application is ongoing if it can be avoided.
4. Proof of deposit – leave your deposit where it is and send the most recent month’s statement.
It’s important to know that your deposit doesn’t all need to be in one place, but we do need to see how you got it and where it came from. If your deposit is currently sitting in multiple accounts, it’s easy to assume that you should move it to one account to evidence it. In fact, this causes more paperwork than if you left it where it originally was.
5. Do you have your buildings insurance in place?
Your solicitors will need to see this for exchange of contracts as it’s a condition of the mortgage. If your property is freehold, you’ll need to ensure you have this in place. Make sure you investigate your options in plenty of time so that you don’t delay exchange and completion. This also allows you to shop around for the best deal rather than feeling obliged to take the first one you’re offered.
We’re here to help with any questions you may have, so don’t hesitate to contact your mortgage consultant or mortgage admin if there’s anything about the application process that you’re unsure about.