fbpx

Mortgage Advice Experts

Menu
  • Home
  • Videos
  • Mortgage Calculators
  • Residential
    • Mortgage Deals
    • First Time Buyer
    • Remortgage
    • Right to Buy Mortgage
    • Bad Credit Mortgage
    • Self Employed
    • High Income Multiple
    • Help To Buy Mortgage
    • Gifted Deposit
    • Foreign Nationals
    • Debt Consolidation
    • Equity Release
    • Close
  • Buy to Let
    • Buy to Let Mortgage Deals
    • Buy to Let Tips
    • BTL 80% Loan to value
    • Buy to let Remortgage
    • Let to Buy
    • HMOs
    • Buy to Let with Bad Credit
    • Limited Company
    • Portfolios
    • Holiday Lets
    • Ex Pats
    • Rent to Family Memeber
    • DSS Tenants
    • Into Retirement
    • Foreign Nationals
    • Inherited Property
    • Close
  • Bridging Loans
    • Commercial Mortgage Tips
    • Bridging Loans Explained
    • Why use Bridging Finance
    • Bridging Finance Rates
    • Auction Finance
    • Auction Finance Rates
    • Non Standard Commercials
    • Development Finance
    • Close
  • Protection
    • Will Writing Service
    • Probate Services
    • Close
  • Testimonials
  • About Us
    • Why Niche Advice
    • Our Fees
    • Testimonials
    • Blog
    • Join our Team
    • Privacy Notice
    • Terms and Conditions
    • Close
  • Contact Us
You are here: Home / Mortgages / How Can I Speed Up My Mortgage Application

by Payam Azadi

How Can I Speed Up My Mortgage Application

buy to let Mortgage Broker

Here it is: you have searched for months and finally you have found the property that will make an ideal home but you need a mortgage agreed quickly otherwise you could end up being disappointed again.

It is fair to say mortgages are not granted as freely as they used to be. Fraud is on the incline and lenders are still reeling from the pain of their liberal attitudes ahead of the credit crunch and as such they will require you to walk and somersault through the proverbial hoop – so how do you achieve a quick mortgage completion?

Well the experts in the Niche Advice Mortgage Department are on hand to guide through the reality and provide practical tips.

 Key Stage 1 – The Deposit

Unlike yesteryear lender need to evidence the full deposit on has been brought forward to the mortgage application stage and it is no longer an element of the process that is reserved for the solicitors in their post mortgage Offer checks.

It is fair to say: ‘the larger the deposit – the lighter the paperwork and questions’. That said, be careful – if increasing the deposit means calling in favours from family and friends – the requirements can actually get more onerous. Lenders are absolutely paranoid on the origination of deposits. Most lender brands are already tarnished and empathy for banks is at an all time low – they just cannot afford another mishap such as providing a haven for terrorist money laundering. Nameless entries into bank statements have the alarm bells screaming. So if your father wants to give you a ‘hand up’ on the property ladder make sure it is a direct credit from his account rather than a cheque. The lender will also seek assurances that the money is a ‘gift’ and that the donor is not an interested third party. At Niche Advice we have the expertise to pre-empt the likely questions and the templates to deal with them face-on.

Key Stage 2 – Your Identity

The lender wants to know who they are lending to. You would too if you had thousands of pounds at stake! 

All too often, at Niche, we see applicants with outdated passports or the lame cry that someone else pays the bills where they live. If you are not on the voters roll – do so – it makes a massive difference. If you don’t have bills take out a credit card, and clear it monthly by direct debit. In short put yourself on the map. If you are too lazy to update your drivers licence with your current address, not only are you being illegal, it portrays you in a poor light to the lender.

The lender will scrutinize the detail. If you are married and your water bill shows ‘Miss Tina Sharp’ when your name is actually now ‘Mrs Christina Johnstone’ – expect the lender to reject the document as an unsuitable proof of residency, and thus needlessly elongating the mortgage process.

Key Stage 3 – Your Outgoings

Don’t just do a ready-reckoner in your head – get out your last 3 bank statements and last 3 payslips. Deductions at source such as pension contributions, student loans and child care – are outgoings. Lenders do not like liars. It makes them uneasy. Non disclosure whether intentional or not does not go down well.

For more tips look out for our new instalment of ‘How to get a mortgage quickly’ or seek professional help, such as Niche Advice, to oversee the process.

Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.

mortgage broker fees

Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.

Twitter Facebook Linkedin

Filed Under: Mortgages Tagged With: documents needed for mortgage application, mortgage application, mortgage application checklist, Mortgage Application process, mortgage application requirements, mortgage applications, what do i need to get a mortgage

Proud to be sponsors

Mortgage broker awards

Contact Us

Our Fees

Why Niche Advice

Mortgage Deals

Tools / Calculators

Latest News / Blog

Payam Azadi

UK Mortgage for Asylum Seekers on a Refugee Visa

Asylum seekers on a refugee visa Mortgage options from the Experts This article is aimed at mortgages for Asylum seekers on a Refugees Visa who are … [Read More...]

Payam Azadi

Mortgage for Foreign Students on a Tier 4 Visa

Mortgage options for Students on a Tier 4 Visa in the UK This article is aimed at foreign students on a Tier 4 Visa who are in the UK who are … [Read More...]

Payam Azadi

Declined Buy to let mortgage due to background property portfolio stress test

The background property portfolio stress test is stopping borrowing more There could be a variety of reasons why you've been turned down for a … [Read More...]

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

Our Fees

Click here for our fees structure. A full detailed fee plan will accompany all our quotes.

Niche Advice Limited has a commercial arrangement under an affiliate programme with Check My File and is remunerated for referrals.

Terms and Conditions

If you wish to register a complaint, please write to us on the details below or call us on: 020 7993 2044.

Correspondence Address: Niche, Unit F6, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.

Site Terms and Conditions
Customer Privacy Notice

niche youtube

CONTACT NICHE ADVICE
Tel: 020 7993 2044

Registered Office: Niche, Unit F3, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG. Registered in England & Wales. Company registration number: 06599033.

Members of The Financial Intermediary & Broker Association - Number SBS36389

logo

© 2022 · Niche Advice Limited · Site Designed by Niche Advice Design Team

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}