Buying a home can be one of the most exciting times in a person’s life. It can also be incredibly stressful, particularly if you feel under pressure to get all the moving parts in place in time.
If you’ve found the place you’d like to buy, you may find yourself waiting for your mortgage application to be approved before you can proceed. To ensure the process goes as smoothly as possible and hurdles are minimised, follow these tips:
Use a mortgage broker
As tempted as you may feel to go straight to your bank and ask for a home loan, you can speed up your application by using a mortgage broker.
A talented broker will know exactly which lenders are most likely to give you the money you need based on your circumstances. If you’re self-employed, you have a less than perfect credit rating or a small deposit, your broker will point you in the direction of more understanding lenders while steering you away from those with strict criteria.
Your broker will also do all the chasing on your behalf, meaning you won’t need to keep ringing your lender for updates.
Have all your documents at the ready
Whether you’re applying for a mortgage through a broker or directly with your lender, you’ll be expected to present a number of documents. These may include:
- Bank statements for the last 3 to 6 months
- Payslips for the last 3 to 6 months
- P60 from your employer
- Utility bills with your current address on
- Passport or driving license
If you’re self employed, you may be asked to present tax returns and statements of two to three years’ accounts.
To speed up your application, have all your documents to hand when you apply. Keep them organised in a folder so that you know exactly where everything is when you need it.
Be honest
There’s no point fibbing on your application or glossing over any financial issues that could make you a less desirable borrower. Your lender will carry out a thorough credit check and will find the things you’re trying to hide.
By being upfront from the start you can increase your chances of being accepted and speed up the process. Telling your mortgage broker about any credit issues you’ve had will allow them to point you in the direction of more sympathetic lenders.
Don’t be afraid to pick up the phone
During the home buying process, the work can sometimes get completed quickest for those who shout the loudest. If you’re wondering how your application is progressing or you need things to speed up so you can complete your purchase, don’t be afraid to pick up the phone and politely query your application’s status with your lender.
Thankfully, if you’re using a mortgage broker, they’re likely to do all the chasing on your behalf. If you’d like to find out how we can help you buy a home and minimise the likelihood of any hurdles along the way, please get in touch with the team at TaylorMade.
