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15th April 2016 | Blogs

How to make your mortgage move faster

It’s often said that buying a house is one of the most stressful things you’ll ever do, so once an offer’s been accepted most people want things over and done with as soon as possible.

 Get an Agreement in Principle (AIP)

An Agreement in Principle (sometimes called a ‘decision in principle’ or a ‘mortgage in principle’) will help speed up your mortgage application once you’ve found a property you want to buy. It will also give you a good idea of how much money you can borrow, meaning you won’t waste time looking at homes that are out of your reach. Some estate agents will only let you view their properties once an AIP is in place.

Make your full application quickly

Lots of people underestimate the time it can take to get a mortgage offer, and many make the mistake of thinking that an AIP is the same as an offer. It isn’t – you can only make your full mortgage application once you have had your offer on a property accepted. You’ll then need to send off the relevant documentation and the lender will carry out a valuation of the property. Only then will you know for sure whether or not you’ll be granted the mortgage, so the sooner you begin the application process the better.

Use a mortgage broker

A mortgage broker like Key Mortgage Advice will not only be able to find you the best deal in the early stages but will complete and submit the application on your behalf. This will speed things along, reduce the risk of any errors and generally make life easier for you. A mortgage broker is also on hand if you have any questions or require advice along the way, and because they have established relationships with lenders it’s likely they’d be able to iron out any difficulties faster than if you were to go it alone.

 Have all your documents in order

If you aren’t using a mortgage broker you will need to complete and submit your application to your lender, but in both cases you will need to provide certain documents. Make sure you have these in order in advance – you don’t want the whole process to be halted because you can’t find your last payslip. You’ll usually have to provide the following for each person applying:

– ID

– Proof of address, such as a utility or credit card bill

– Proof of income, usually three months’ payslips

– Latest bank statements, usually three months

– Latest P60

– Proof of your deposit

Put the pressure on

Don’t be afraid to chase up different the parties involved, such as making sure the estate agent is allowing the lender access to the property as early as possible in order for the valuation to take place. If you opt for the Mortgage Plus service from Key Mortgage Advice we will take care of this kind of thing for you as we’ll liaise with the estate agents, lenders and solicitors so you deal with one person throughout. We’ll also fast track your mortgage application, find out more here.

If you would like to discuss this topic in more detail or discover how Key Mortgage Advice can assist with your mortgage application, please contact us on 01772 620 000 or email enquiries@keymortgageadvice.co.uk

 Our blog on how to make yourself more attractive to mortgage lenders may help, too.

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“I have recommended KMA to all my friends and if you’re buying a house or remortgaging I would look no further – the team are friendly, helpful people who have your best interests at heart every step of the way.”

Dawn Kenyon, A MORTGAGE & REMORTGAGE CUSTOMER

“Sharon and her team have been a great help while trying to buy my first property. They talked me through the process step by step and sent me weekly updates on the progress of my purchase. I am confident that I have a great deal on my mortgage.”

Gina Rowland, A MORTGAGE CUSTOMER

“I cannot thank the team at Key Mortgage Advice enough. They provided an excellent service and were able to arrange our mortgage within a very tight, three week deadline. I would highly recommend them.”

Matthew Agrimi, A MORTGAGE CUSTOMER

“After a chat about my goals, Sharon put forward my case to a number of lenders and within a couple of days a local business manager from Barclays offered to support my application. I cannot fault the team at KMA, I have used and recommended them for nearly 10 years now and they are always my first choice.”

Jamie Goodlass, A COMMERCIAL MORTGAGE CUSTOMER

“Our clients ask us for advice on mortgages for both domestic and commercial premises and we have no hesitation in recommending them to Key Mortgage Advice. The team has a breadth of knowledge which they skilfully impart to our client base, who are always happy with the advice they receive.”

Champion Accountants, A COMMERCIAL PARTNER

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