FINANCE
%\ -RKQ /LVWHU johnlisterw writing.com
If you applied for a mortgage in 2020 you faced an even longer wait than usual to get a decision thanks to an unprecedented backlog after the initial lockdown. That may slowly return to normal this year but it’s still worth taking every possible step to speed up the process. These are some of the best ways to avoid unnecessary delay y. Your Finances Be ready to answer questions about your income DQG \RXU ¾[HG RU UHJXODU RXWJRLQJV /HQGHUV need to know how much you are committed to spending each month outside of your mortgage and if you’d manage if interest rates rose. Make sure you know the dates of any time you were under the coronavirus furlough scheme. If you’re still on furlough, check if you have a FRQ¾UPHG UHWXUQ WR ZRUN GDWH Check your credit reports at all three UK DJHQFLHV (TXLID[ ([SHULDQ DQG 7UDQVXQLRQ /RRN IRU DQ\ HUURUV IRU H[DPSOH LI \RX KDY DYH D closed credit account listed as still active. Paperwork at the Ready ,I \RX XVH VHOI DVVHVVPHQW PDNH VXUH \RXU WD[ D[ ¾OLQJV DUH XS WR GDWH <R <RX PD\ EH UHTXLUHG WR SURYH WKDW \RXU ODWHVW ¾OLQJ KDV EHHQ submitted and accepted before the lender will DFFHSW WKH UHOHYDQW ¾JXUHV ,I \RX DSSOLHG IRU any government assistance such as the Self Employment Income Suppo ort Scheme, make VXUH \RX KDYH XS WR date business accounts showing whether or not you are back to sustained SUR¾WDEOH WUDGLQJ
they’ll usually have to provide bank statem ments showing they’ve either had it for a certain n period or that it came from a legitimate source. They T PD\ DOVR KDYH WR VLJQ D IRUP FRQ¾UPLQJ LW LV D gift rather than a loan and that they discla aim any right to ownership of your property. Make sure ave any they are happy to do both of these and ha documentation in place. 'RXEOH FKHFN DOO SDSHUZRUN LQFOXGLQJ QD DPHV addresses and dates of birth. In particular,, make sure the spelling of names is correct, hyph henated names are listed correctly and middle nam mes DUH HLWKHU LQFOXGHG RU H[FOXGHG FRQVLVWHQWO\ $Q\ orks mismatches can throw a spanner in the wo and cause annoying delays. y, check For all documentation you need to supply whether you need originals or if a photoco opy or scan is acceptable. Check also whethe er any FRSLHV QHHG WR EH FHUWL¾HG DV JHQXLQH DQ QG LI VR ZKHUH \RX FDQ JHW FHUWL¾FDWLRQ Using a Broker sider One of the best things you can do is cons using a mortgage broker. They’ll be able to t VXJJHVW VSHFL¾F PRUWJDJHV ZKHUH \RX VWDQG WKH e wasted best chance of acceptance, removing the time of an unsuccessful application. They y’ll also tim me by completing the application u using save time WKHLU SURIHVVLRQDO H[SHULHQFH WR DY DYRLG DQ\ \ HUURUV or omiss sions.
Have proof that you have the funds for your entire deposit. If the money isn’t simply savings, you’ll likely have to provide bank statements showing it arriving in your DFFRXQW WR IXO¾O PRQH\ laundering regulations. ,I LWµV D JLIW IRU H[DPSOH from a family member,
40
MARCH/APRIL 2021
SOUTHWATER Pages To advertise call 01403 588618 or visit www.southwaterpublications.com
