2 minute read
Finance
johnlisterwriting.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 delayy. . Y YoourFinances Be ready to answer questions about your income 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 Check your credit reports at all three UK closed credit account listed as still active. Paperwork at the Ready submitted and accepted before the lender will any government assistance such as the Self Employment Income Support Scheme, make date business accounts showing whether or not you are back to sustained Have proof that you have the funds for your entire deposit. If the money isn’t simply savings, they’ll usually have to provide bank statements showing they’ve either had it for a certain period or that it came from a legitimate source. They gift rather than a loan and that they disclaim any right to ownership of your property. Make sure they are happy to do both of these and have any documentation in place. addresses and dates of birth. In particular, make sure the spelling of names is correct, hyphenated names are listed correctly and middle names mismatches can throw a spanner in the works and cause annoying delays. For all documentation you need to supply, check whether you need originals or if a photocopy or scan is acceptable. Check also whether any Using a Broker One of the best things you can do is consider using a mortgage broker. They’ll be able to best chance of acceptance, removing the wasted time of an unsuccessful application. They’ll also savetimebycompletingtheapplicationu usave timme by completing the application sing or omiss sions.
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you’ll likely have to provide bank statements showing it arriving in your laundering regulations. from a family member,
