Over the past year, the housing market has soared to incredible heights, and many people are investing in the property market like never before.

With average house prices across the UK reaching a third of a million pounds, people are looking to either invest in property or move house whilst government schemes are available to help facilitate these moves.

There are typically three main phases to the house buying process: finding the property and agreeing to a price, getting a mortgage agreement and conveyancing.

Here are some of the best ways to speed up mortgage process:


Start Early

The three steps largely overlap each other, and a buyer should be seeking out a mortgage broker in London as soon as they start looking for properties in London, as the time it can take means that a property can be taken off the market before a buyer has a chance to get it.

Starting the application process early and getting an Agreement in Principle (AIP) means that you have a budget in place, sellers know you are ready to buy and it gives you a window to negotiate.


Get An Agreement In Principle

An AIP is typically simple to get as you do not need the whole application process to be completed.

Generally, you need some identifying information, your recent address history, your credit history, credit score and current income and expenditure.

Mortgage brokers will then use this to decide how much they will give you, and you know the upper limit of your budget that way.


Get Documents Ready

Mortgage applications require information and documents to support this information, so make sure that you have this information to hand to give your lender along with your application form.

This documentation will prove you have the three canons of credit:

  • Capacity to pay,
  • Collateral in case you do not,
  • Character proof that you have a history of paying back debt promptly.

This information can include your household income and expenditure, bank assets, credit rating, any relevant credit history issues and your tax information.

If you are self-employed, this will involve providing a few years of tax returns, but in other cases, a recent payslip will be enough to get the information they need.

As well as this, they will need information on how you will pay your deposit, particularly if you are receiving a cash gift to help with this.

Have these documents and double-check they are exactly what the lender requires. Underwriting often requires precise information so ensuring a lender has what they need the first time of asking will speed up the process considerably.


Avoid Significant Changes

Mortgage approval comes in two stages; underwriting (or pre-approval), and appraisal. The first stage is the application process and is usually either approved (often with the condition to provide more information) or denied.

After this stage comes the appraisal stage, which involves appraising the value of the property you plan to buy to ensure you are not asking for more money than the market value of your property, as well as adding income, credit, assets, employment status and any other relevant information.

During this time major changes can delay, or in some cases restart the appraisal process, such as changing jobs, buying expensive assets, applying for credit, missing payments or depositing large sums of money into a bank account.

Let a lender know before you plan on making a major material change.

For more information about any of our services, or if you what to know more about how to speed up the mortgage process, get in touch by calling us on 0203 3939 222.

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Hannah D
Hannah D
07:42 09 Sep 19
I would fully recommend Greg and Greenacre Financial Services. As a first time buyer I was daunted by the process of... finding the right mortgage for me however Greg made the process really simple, clear and quick. He was always available to answer any questions and happy to explain everything. I wouldn’t hesitate in recommending Greenacre FS to my friends and family.read more
Jessica Cohen
Jessica Cohen
19:33 26 Aug 19
We first met with Greg in May for advice as we had adverse credit and irregular pay and didn't think a mortgage was in... our reach. Less than two weeks later Greg had fully arranged a great deal for us on our first mortgage. He was available whenever we needed him, 7 days a week and in the evenings. We cannot thank Greg enough for helping us buy our first home!read more
Seren Fletcher
Seren Fletcher
08:56 24 Aug 19
Would highly recommend Greg and Greenacre Financial Services. Was extremely professional and helpful. Our mortgage... wasn’t straight forward due to my husband being self employed but Greg was very knowledgable and managed to find us a really good mortgage. Looking forward to working with him again in the futureread more
13:24 23 Aug 19
Graham at Greenacre was excellent in helping me get a mortgage for my house purchase. He was always available when... needed, provided an efficient service and was very knowledgeable. Highly recommended!read more
Ian Hatter
Ian Hatter
11:07 16 Aug 19
What can I say, Greg has been absolutely amazing in sorting out a mortgage for me I never thought was possible. It has... meant I have been able to buy a house, a few months ago, I would never have dreamed of being able to buy after talking to high street lenders. He worked exceptionally hard and always kept me updated with every step of the process. Buying a house is extremely stressful, but Greg took all that stress away from me. I cannot recommend Greg enough to anyone looking to buy a property. Thank you so much for your help Greg, it's greatly appreciated.read more
Sean Kelly
Sean Kelly
15:27 30 Jul 19
10/10 EXCEPTIONAL service and result. Highly recommend. Greg and the Greenacre Financial Services team were fast,... knowledgeable, and honest. All the qualities you want and need. Very pleased I was recommended to Greenacre. Customer for life!read more
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