Tips For A Faster Mortgage Approval
The stamp duty holiday has encouraged many people to be active in the property market, and this means many people are applying for a mortgage right now. The significant increase in mortgage applications, and the pressure the mortgage sector is under right now due to Covid-19 related issues, means there is likely to be a backlog.
In normal circumstances, the mortgage application process can take between 18 and 40 days. However, due to the increase in applications, delays are inevitable, and this might delay the process considerably.
There is the possibility some applicants will miss out on the stamp duty holiday day to delays, and if there is no extension to the holiday.
Therefore, it is always useful for applicants to consider ways to speed up the mortgage application process, but right now; it is essential. Thankfully, there are steps you can take which enhance your chances of a swift resolution.
Using a mortgage broker speeds up the process
One of the most effective steps you can take to speed up the mortgage process is to enlist the services of a mortgage broker. A broker is a professional with considerable experience in assisting people apply for mortgages.
Their expertise will help you find the most suitable mortgage, and to make the most effective application in a shorter period of time. If you are looking to improve your chances of success when applying for a mortgage, without compromising the quality of your application, using a mortgage broker makes sense.
Your credit score is essential
One of the most important factors lenders consider when reviewing mortgage applications is the credit score. If you have a poor credit score, you run the risk of having your application rejected, or only receiving a poor standard of mortgage offer.
Therefore, before you apply for a mortgage, you should check your credit score, making sure it is likely to be approved. If your credit score is poor, it might be best waiting until it is improved before applying.
If you are looking for a quick tip which will enhance your credit score quickly, make sure your current address is on the electoral roll. Ensuring this information is correct and up to date provides a platform for the lender to trust you, and your application.
Review your finances
Given the lender will review your finances and base their decision on what they see, it is helpful for you to do this before them. Make sure you have at least three months’ worth of bank statements, and make sure these offer proof of your income.
Lenders want to see you can afford to make monthly repayments without placing your finances in jeopardy.
While there are new challenges to overcome in the housing market, people shouldn’t consider arranging a mortgage to be an impossible task. However, it is vital people accept help and assistance from professionals in the field. If you are keen to arrange a mortgage, speak to a mortgage broker or experienced adviser and make sure you are fully equipped to make an informed decision.