Tag Archives: mortgage

Too hot to handle: Speed dating for mortgage hunters

So you’re looking for a mortgage? Or perhaps more importantly you’re actually looking for a mortgage broker, although you might not realise it yet. Looking for a mortgage is a daunting task. From variables and trackers to base rates and fees. Is it a minefield? Hopefully not if you have the right broker. Our speedy guide to finding the right mortgage broker should allay imminent pitfalls.

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A wide range of deals

Finding the shining star in a sea of brokers is not easy. Henry Knight, Managing Director of Springtide Capital reveals that while most mortgage brokers will have access to the percentage of the market, some will operate on restrictive panels. Choose one with a wider range of options available and they’ll be the one most likely to help.

Experience it all

What kind of experience do they boast? If you are in need of a slightly more complicated deal you need a mortgage broker who can bring a hefty level of market experience. Don’t be afraid to ask.

It pays to know

You need to know what broker fee levels you are paying. This is incredibly important to find out before you have your first meeting; because not only are you paying fees associated with the mortgage, but you need to know what advice from your broker might you be paying for too.

Are we there yet?

Mortgage applications are taking longer to process. Read our blog post on that here. You should always as your broker how quickly they think they will be able to process your application. It’s crucial to make sure your application has the best chance of being processed as quickly as possible in a market as buoyant as this.

What kind of strategy and methods does the broker and its team have in place to handle your application if something goes wrong? Ask them to be specific about their relationships with particular lenders. Make sure you note their experience in case your application gets tricky.

 

Mortgage market: My, my how you’ve changed!

We’ve noticed an increasing number of clients stating how complicated and time consuming the mortgage application process is these days. Compared to the golden days of 2007 when applications were processed in around 10 days, due to regulatory changes and forensic accountancy, it now takes much longer. What can you, the mortgage applicant, do to speed things up on your side?

 

Henry Knight, Managing Director of Springtide Capital has put together a quick 5-point guide to the pitfalls and perils of getting your paperwork in order.

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1. For purposes of identification make sure you have an up to date passport.  If using your driving licence, ensure it is showing your current home address.

 

2. You will need to have a proof of address. Lenders will only accept a hard copy that has been posted to your address, rather than an online version. It must be addressed within the last three months and show the current address in its correct format.  Many lenders also expect to see the first initial of the clients name showing.

 

3. If you are employed, you must obtain the last three months payslips and last two years P60s. These are the documents that people often have issues locating. However, you can normally obtain duplicates from your HR department if you cannot locate them.

 

4. If you receive a bonus, you must also demonstrate the latest pay slips for this. Again, it can be tricky to find so ask for assistance in your accounts or HR department if you cannot find the hard copy.

 

5. If you are self employed, you will need an SA302 form from the last three years as well as the last three years accounts.  Few people have heard of an SA302 form and they are not sent out automatically.  You will need to phone HMRC to request the documents and they will insist on posting them out.  HMRC also only send these by second class post meaning they can take 10-15 days to come through.