Residential Property Review – May 2021

Queen’s Speech is ‘significant’ for housing market

A key announcement in the Queen’s Speech on 11 May was a new Planning Bill, which aims to simplify and speed up the planning process using a digital, map-based service, allowing more active public engagement in the development process.

The reforms should allow homes, schools and hospitals to be delivered at a faster pace across England. Melanie Leech, Chief Executive of the British Property Federation, said the government intention is to create a “seismic shift in how local authorities plan for and deliver new housing, simplifying the process to put an end to inefficiencies and delays.”

The speech also confirmed:

A reform to leaseholds, to put an end to ground rents, as announced by Housing Secretary Robert Jenrick, in January 

As part of the Building Safety Bill, a new Building Safety Regulator (BSR) is to be set up, specifically to oversee all high-rise buildings, as well as other buildings, through oversight of the building control profession

A Renters Reform White Paper is to be published this autumn, with legislation to follow soon after.

Strong demand and a lack of supply drive prices

According to the latest Royal Institution of Chartered Surveyors (RICS) UK Residential Market Survey, buyer demand has remained steady and consistent across the UK, but the lack of fresh listings is causing a mismatch in supply and demand, consequently driving house prices up.  

The survey confirms ‘insufficient’ stock levels, with the average number of properties on estate agents’ books at just 40, having briefly stood at 46 back in December.    

Zoopla has also reported on the mismatch, stating that home buyer appetite is up 27.5% this year compared to average levels in 2020, whereas the number of listings is 19% down on the 2020 average. In particular, there has been a sharp drop in the number of three and four-bedroom houses on the market, as family homes remain the most in-demand properties.

Top cities revealed for residential investment

Cambridge, Edinburgh and Bristol are the top three cities in the UK for residential property investment, according to a new report from Colliers International, comparing key cities from the UK against 20 indicators in the four main areas of economics, property, education and liveability.

Cambridge achieved first place thanks to its accessible and attractive quality of life for residents, its strong reputation for science and tech businesses, as well as its university’s top ranking in the UK.

Edinburgh took top spot in the UK in terms of economics, due to its recent performance and demographics. The Edinburgh economy grew at an average annual rate of 1.8% between 2010 and 2020 and is expected to expand at 2.3% p.a. between 2021 and 2025. The city’s population is forecast to grow at an average rate of 1.2% each year between 2020 and 2030.

Coming in at third place, Bristol ranked highly due to its strong economy, house price growth, skilled and educated workforce, strong rental yields and low level of income inequality,

Residential Property Review April 2021

Spring sees the busiest ever housing market

Growing optimism due to the vaccine rollout, the return of low-deposit mortgages and the Stamp Duty holiday extension for England and Wales, have contributed to make this spring the best time to be a property seller in a decade, according to property website Rightmove.

The online property portal reported a record 9.3 million visits on one day (7 April), with visitors spending more than two billion minutes on the website in March. There is now the greatest ever excess of demand over supply. Despite record numbers of prospective buyers and prices increasing, buyers do not appear to be deterred, with properties selling in an average of 45 days in the first two weeks of April.

Property expert at Rightmove, Tim Bannister, expects a strong market for the rest of the year, “Housing market activity remains high in Scotland, where there has been no extension to the Land and Buildings Transaction Tax holiday, which has now come to an end. This suggests that the same could happen when the tax holidays start to come to an end in England and Wales.”

Government launches 95% mortgage guarantee scheme

The government-backed 95% mortgage guarantee scheme, originally announced in the Budget, was launched on 19 April, aiming to help first-time buyers or homeowners obtain a mortgage with a 5% deposit to buy a property of up to £600,000.

The scheme offers lenders the guarantee they need to provide 95% mortgages and is subject to other affordability and credit checks as usual. There are currently five high street lenders offering mortgages under the scheme: Lloyds, Santander, Barclays, HSBC and NatWest. Virgin Money is due to follow next month. Some other lenders, such as Accord, had already returned to 95% mortgages without using the scheme.

Chancellor Rishi Sunak said, “By giving lenders the option of a government guarantee on 95% mortgages, many more products will become available, boosting the sector, creating new jobs and helping people achieve their dream of owning their own home.”

Reaction to the scheme across the industry has been mixed. Trussle’s Head of Mortgages Miles Robinson said, “With lenders still viewing the high loan-to-value market as risky, interest rates on the new 95% LTV deals are more expensive, with some close to 4%.” Mark Hayward, Chief Policy Advisor at Propertymark, said, “We are now very pleased to see further support for both first-time buyers and current homeowners looking to buy property or move up the housing ladder.”

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

Sense of urban revival

Last year, the news was all about a desire to seek a fresh start in more spacious properties, open spaces and away from cities, as more people shifted to working from home. Whilst the demand for such locations shows no signs of slowing, there has been renewed demand in prime regional towns and cities.

According to Savills, many buyers are now looking for somewhere a bit more vibrant, with plenty to offer once social distancing measures begin to be relaxed. Top-performing cities include Oxford, Winchester and Bath, where prime values increased by 3.7%, 4.0% and 3.2% respectively during the first quarter of 2021.

The pandemic has also prompted a desire to relocate closer to family, after time spent apart, with 48% of respondents Savills naming this as a top priority, compared to 39% a year previously.

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

5 Reasons To Review Your Mortgage Deal

In the current economic climate, many homeowners may be unsure about when is the right time to look for a new mortgage. Is the time right now or should you remain with your current mortgage? It’s a very important decision that could impact your finances by thousands of pounds every year.

Remortgaging is the process of getting a new mortgage on your existing property, either with your current or a new lender. More often than not, the main reason to remortgage is to save yourself some money, but it’s not the only one.

But before you look at the ‘when’, you need first to consider the ‘why’. Is your current deal about to come to an end or has it already finished, and you’ve been moved to your lender’s costly standard variable rate (SVR)? Are you simply looking to save money, or do you want to release some of the equity in your home to make changes to it, such as renovations or adding an extension?   Or, do you want to switch from an interest-only to a repayment mortgage?

Whatever your reason for wanting to remortgage, it’s important to obtain professional advice to see if remortgaging is the best option for you and to help you identify the best mortgage deal to meet your needs. There is no right answer for everyone, but we’ve provided five reasons why remortgaging now could save you money or make you money over the long term.

House on top of money

5 Reasons Why You Should Review Your Mortgage

1. YOU ARE NEARING THE END OF YOUR PROMOTIONAL PERIOD

You have a fixed or tracker mortgage and you’re coming close to the end of the initial promotional period (often two, three or five years). If you don’t find a new deal, you’ll automatically revert to your lender’s SVR when your promotional period ends.

This could be considerably higher than your current rate, and could cost you thousands of pounds in additional interest over the lifetime of the mortgage. Instead of remaining with your mortgage and accepting the higher SVR, now would be a good time to talk with us about a new mortgage deal.

2. TO TAKE ADVANTAGE OF HISTORICALLY LOW MORTGAGE RATES

The Bank of England base rate is currently unusually low, due to the financial conditions surrounding the coronavirus (COVID-19) pandemic. That means borrowing money now enables you to take advantage of lower-than- normal mortgage rates.

Even if you will pay a fee to exit your current deal early, for some people it could be worth doing so, to secure a rate at a lower level.

3. TO REMORTGAGE WHILE PROPERTY PRICES ARE RISING

Property prices have been rising in recent months in spite of the COVID-19 pandemic, and that can mean it’s a good time to remortgage.

Why? Because your loan-to-value ratio will be lower. In other words, the amount you need to borrow will be a smaller percentage of the market value of your home. If prices fall again, your loan- to-value ratio becomes higher and you may not have access to the best mortgage deals.

4. YOUR FINANCIAL SITUATION HAS CHANGED

If your financial situation has changed significantly since you chose your current mortgage, you might want to explore other options. Perhaps you have more cash available now, and you’d like a mortgage that allows you to make overpayments as and when you want to. Or perhaps you need to improve your cash flow and need a mortgage with flexible repayments.

5. TO RAISE CAPITAL

In some situations, you might want to borrow more against your home. For example, you might want to build an extension or carry out home improvements that will increase the value of your home. Or you might want to buy a second property as a buy-to-let. Remortgaging could help you to raise the capital to do this.

If you would like to find out more about remortgaging or would like a review on your current mortgage deal, then get in contact with us at My Mortgage & Protection Experts – Call me back

Top Tips – Things You Need know, to get yourself Pre-approved for a Mortgage

When you are thinking about buying your home it is a very exciting time, but it can also be a stressful one too. There are certain things to consider such as deposit amounts, fees, mortgage approval (a Mortgage Agreement in Principle). This article is a basic guide to help you and focuses on 5 things that you need to organize / arrange to help you get your mortgage approved and buy your new home.

Things You Need To Get Yourself Pre Approved For a Mortgage

Proof of your Income

You will no doubt be aware that you will need to produce recent wage slips if employed or tax calculations and overviews, if self-employed. The lender will want review and assess your income to ensure that the mortgage you need is affordable.

Top Tip – ensure that you can prove your income and have either your last 3 months pay slips and P60 available. Or is self Employed ideally 2 years tax calculations and overviews. Have your last 3 months pay-slips or tax calculations and overviews to hand before you apply.

Proof of Deposit

As a borrower, you will need a deposit to purchase your home. Typically, a minimum deposit of 5% would be needed (as a minimum). However, within the Covid 19 Pandemic, many lenders increased their minimum to 10 or even 15%. It is worth noting that the larger the % deposit generally the lower the interest rates on offer from the lenders.

Lenders will also accept gifted deposits from close family members, who would like to help you get on the property ladder.

Top Tip – be able to prove your deposit and where it has come from. All deposit funds will need to be verified from where the funds are coming from and who, so you will be asked to provide evidence of where the deposit has come from and identify the people gifting the money.

Your Credit Rating / Profile

The credit profile of all borrower(s) will usually be considered. However, this is dependent on the lender, most high street lenders will generally require your credit profile to be in good order. If your credit score has been affected by missed or late payments, defaults or    CCJs it is likely that you will not be accepted by high street lenders and you may need to approach a more specialist lender.

Top Tip – the higher your score, the better your chances of borrowing success. So, it is important to ensure that you maintain a good credit profile. Generally, the better you credit profile the more likely you are to gain a mortgage and potentially a lower interest rate. Register yourself with a credit reference agency, review your profile, correct any errors and work on improving your status (if needed).

signing documents for a new home

Employment

Lenders want to ensure that any mortgage offered is affordable both now and in the future. Stability of employment and income, as well as not trying to overstretch your borrowing requirements will assist in gaining your mortgage approval. This applies to both employed and self-employed mortgage applicants.

Lenders will generally be sceptical of 2nd jobs, especially where the new job has only been taken on recently. A short term 2nd job can be viewed by the lender as “staged Income”, meaning that the lender may suspect that a job has only be taken on to try and improve the size of the mortgage loan available.

Self-employed applicants will with most lender be required to provide 2 years tax calculations and overviews. So, you will generally have had to submit 2 years of Tax Assessments. There are though a few lenders who may consider 1 years of confirmed figures.

Top Tip – be realistic about how much you want to borrow. Lenders affordability calculations differ greatly, therefore speaking with My Mortgage & Protection Experts and getting them to confirm your maximum loan will put you in a more informed position.

Other Documentation

Other documentation will also be required, such as proof of identity and proof of address. A valid in date passport or Driving License are ideal, make sure the documents are valid.

Make sure that you are registered on the voter’s role where you live. Also, make sure that things like your driving license have your latest address on as well as other household bills.

Top Tip – make sure your ID and Proof of Address are in date. Proof of address supplied to support a mortgage application will be required to be dated within 3 months of the application. Get organised and have all your documents to hand prior to arranging your mortgage.

Typical Supporting Documents Required (per applicant, where applicable)

  • Latest 3 Months Bank Statements
  • Latest 3 month Pay Slips or 2 years Tax Calculations & Overviews (if self-employed)
  • Proof of your address (typically a household bill)
  • Proof of your Identity (Passport or Photocard Driving License)
  • Proof of Deposit Funds

Ultimately, if you have everything that the lender requires, and you are in a strong, solid situation financially, you have a good chance of getting your mortgage Agreed in Principle.

 Top Tip – get organised and get all you required documentation ready.

Final Top Tip – review all the Top Tips, get your documents organised and available. Then speak with a professional mortgage broker like My Mortgage & Protection Experts Ltd. A professional broker will be able to guide you on a wide range of lenders, meaning you get access to a wider range of products and rates. Equally all lenders have different lending criteria and affordability calculations. Speaking to us could improve your chances of getting the mortgage require.

If you would like to find out more about mortgages for you or would like to find the best mortgage deal for you, contact us today on 03300 949 409, or visit our mortgage calculator.

Book your No Obligation Mortgage Appointment

Residential Property Review – March 2021

Stamp Duty holiday extension

In his Budget on 3 March, Chancellor Rishi Sunak confirmed an extension to the Stamp Duty holiday in England and Northern Ireland. Rather than ending on 31 March, as originally announced, the nil-rate threshold for Stamp Duty will remain at £500,000 until 30 June.

The extension means that buyers will save a maximum of £15,000 and an average of £4,500 each, if they complete their property purchase by the end of June.

To avoid a sudden cliff-edge, the tax will then taper to £250,000 until 30 September, before returning to £125,000. This means that those who finalise a property purchase between 1 July and 30 September will save up to £2,500 each. According to Zoopla, ‘the tapering move by the Chancellor means that nearly half of sales in England will be free of Stamp Duty. Last year, some 46% of all home sales were for properties of up to £250,000.’

The threshold for first time buyers will remain at £300,000. In Scotland, the LBTT holiday is due to end on 31 March and in Wales, the £250,000 LTT threshold will revert to £180,000 on 1 July.

Mortgage guarantee scheme set to launch

The government has pledged support to more people who want to buy a property with a smaller deposit by launching a new mortgage guarantee scheme.

The initiative, available to both first-time buyers and home movers, will be available from April and will run until 31 December 2022, operating in a similar way to the previous Help to Buy mortgage guarantee scheme. The scheme is available on properties up to £600,000.

The aim of the scheme is to increase the availability of 95% loan-to-value (LTV) mortgages, by allowing lenders to purchase insurance from the government to cover some of their losses if the property is repossessed, thereby reducing the associated risks of this type of lending.

A number of lenders, including Lloyds, NatWest, Santander, Barclays and HSBC have already signed up to the scheme.

Richard Donnell, research director at Zoopla, commented on the scheme, “Our analysis shows the scheme will have the greatest benefits for buyers in lower value housing markets in northern England and Scotland where a 95% mortgage is more attainable.”

Strongest spring housing market for a decade

According to Rightmove, the excess of buyer demand over supply is the largest seen in the last 10 years, which, it is suggested, could see one of the best-ever Easter periods for sellers.

In February, Rightmove recorded seven million online visits a day, which is an increase of 40% from February 2020. In addition, the number of sales agreed for the first week of March were 12% higher than a year ago, despite fewer properties coming to market and almost two out of three properties currently on estate agents’ books are currently sold, subject to contract.

Tim Bannister, Rightmove’s housing market expert said, “So many sales have been agreed in recent months that we now face a serious shortage of homes available for sale. There are lots of reasons why many homeowners have hesitated to come to market during the first two months of the year, but these do now seem to be dissipating.”

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Residential Property Review – February 2021

House Price Growth Slows

Several recent reports have confirmed that house price growth is slowing, but there are reasons to believe that the housing market will be more stable than last year.

According to Knight Frank, the third lockdown and the imminent end of the Stamp Duty holiday have played a major part in delaying a certain amount of activity until the spring, which could result in some short-term downward pressure on prices, as more sellers come to the market at the same time. Over the course of the year, Knight Frank expects prices to remain flat and for there to be steady, seasonal demand after the summer as the vaccination rollout nears completion.

In January’s ‘UK Residential Market Survey’, the Royal Institution of Chartered Surveyors (RICS) expects all UK regions will see prices rise to some degree over the next twelve months, with Northern Ireland, Wales and Scotland expected to see the highest rises.

Nationwide’s Chief Economist Robert Gardner commented on the rate of growth, “The slowdown probably reflects a tapering of demand ahead of the end of the Stamp Duty holiday.”

Nearly 750,000 buyers benefit from Stamp Duty holiday

Almost three-quarters of a million homebuyers are in line to benefit from the Stamp Duty tax break, assuming they beat the 31 March completion deadline. This represents total savings of almost £5bn.

The analysis, from Zoopla, is broken down further; 600,000 buyers will not pay any Stamp Duty, which is an average saving of £4,660 each or £2.8bn in total. A further 140,500 people whose homes cost over £500,000 are set to benefit from a Stamp Duty reduction and will save £15,000 each or £2.1bn collectively. This latter group will still have to pay tax on the portion of the property value above £500,000.

Rightmove have reported rumours that the tax break may be extended in England and Northern Ireland by a further six weeks. If this were to be the case, Rightmove estimate that between 120,000 and 160,000 extra property transactions in England could benefit.  

Property Data Expert at Rightmove, Tim Bannister commented “If there was a six week extension it should give the majority of the sales from last year the chance to complete in time”     

Regional variations in values of family homes

After three lockdowns and an increase in those working from home, many people have been reassessing their housing priorities.

Research by Zoopla has looked into which regions have seen the biggest jump in values of three to five-bedroom houses, finding that family homes in the Midlands have seen the biggest jump in value over the last four years. First place goes to East Midlands, with a sq ft price increase of 25.4%, or £43, to stand at £212. West Midlands takes second place, seeing a rise of 24.6% to reach £223.

Wales came third, with an increase of 23.6% per sq ft, followed by East of England (21.4%) and North West (21.3%).

London came ninth, with a percentage rise of only 14.6%, but unsurprisingly, also seeing the biggest monetary increase, with a jump of £71per sq ft to stand at an average £558.   

House Prices Headline Statistics
House Prices Price Change By Region
Average Monthly Price By Property Type - December 2020
The House Market And The Economy
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Contains HM Land Registry data © Crown copyright and database right 2017. This data is licensed under the Open Government Licence v3.0.

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

2021 Spring Budget

We have sought to pick out all the key points from the Spring Budget on 3 March, including:

Economic forecasts

COVID-19 support measures

Personal taxation, wages and pensions

Business taxes

Housing

Environment and ‘Help to Grow’ initiatives

Other key points

Closing comments

We do hope that you find this update both interesting and informative. Should you have any queries or require more information on any of the areas covered or any other financial matter, please do not hesitate to contact us.

Mortgage Broker Versus Direct to Mortgage Lender

Let us have a look at the differences between seeking advice from a Broker versus direct to a lender.

There are many differences but let us explore the key ones.

Available Mortgage Schemes / Choice

Direct to Lender – Each lender will have access to their own products only they cannot advise all recommend another lenders products. After all, why would they?

Broker – Independent brokers will generally have what is called, “whole of market access”, this gives the broker access for their clients to many different Banks and Building Society Lenders. There are approximately 100 mortgage lenders in the UK.

Some lenders will not be available to all brokers as they may be direct to consumer only. However, an Independent Broker can advise you on the schemes that they may not have access to. There would generally be a small fee for this type of independent advice.

Accessibility

Direct to Lender – Lenders may often want you to attend mortgage appointments in branch at a time convenient to them. More lenders are adopting online processes to speed up the process, however it may still take a few days and sometimes weeks to arrange a suitable time.

Broker – Brokers are generally more accessible and therefore appointments can often be made for the same day. Many brokers will offer telephone or online meetings to make the process of assessing your requirements more convenient.

Mortgage Advice

Direct to Lender – A lender can only advise you of the products that they have available and are limited to their set criteria and affordability assessments.

A lender will generally only give advice on the mortgage product and term and assurance products most often from a single insurance provider.

Broker – A broker can advise you on the products available from the whole of market, therefore giving you access to a far wider range of available products and criteria.

A broker will advise on the home buying process, gaining a Mortgage Agreement, mortgage products, instructing conveyancers and insurance from generally a whole of market offering.

House on top of money

Saving you the most Money in Interest Payments

Direct to Lender – A lender can only offer their own products at every stage of your mortgage journey.

Broker – A Broker will generally review your mortgage options at key stages of your mortgage journey, these reviews normally take place when you are reaching the end of a scheme period, such as a fixed rate ending. Whilst a lender may initially have the best deal for you, it is unlikely that they will continue to have the most cost-effective scheme throughout your mortgage term, So, switching lenders can often save you £100’s if not £1000’s over the term of a mortgage.

What to Do If a Mortgage Application Is Declined?

Direct to Lender – a lender will only offer a mortgage based on the mortgage applicant(s), meeting their affordability and criteria checks in full, and provided that the property is suitable as security for the loan.

If the lender is not satisfied with any element of their robust checks, then even if you have had, an agreement in principle, the lender could still refuse to offer the mortgage. This means starting the mortgage application process again from the start.

Broker – when a broker carries out initial research and assessment. They will perform criteria and affordability checks. This means reviewing the mortgage applicant’s documentation and assessing which lenders would be suitable for the required mortgage and applicants.

If the lender does decline a mortgage application, then in most cases the broker will know why. This then makes it easier to find an alternative solution and lender that can/will assist with lending. This will generally make the reapplication process much quicker for the mortgagee.

Protecting your new home

Direct to Lender – when buying a freehold property a condition of your mortgage will be to arrange suitable buildings insurance. You may also consider important aspects such as life assurance.

Most lenders will have a sole tie arrangement with insurance companies and not a whole of market offering.

Broker – Protecting you and your new home is seen as an important aspect of the advice journey and process.

Brokers will generally have “whole of market”, access to insurance companies and can therefore provide you with recommendations and advice based on a range of different products and providers.

My Mortgage & Protection Experts are specialist Independent Mortgage Brokers. Our ethos is ensuring that our clients benefit from quality, professional mortgage & protection advice.

It is important to work with our clients on an ongoing basis to advise on suitable mortgage products that will focus on suiting their current needs and requirements plus focusing on reducing interest paid and repayment of their mortgage in as short a timescale as possible.

Protection of our clients is also a fundamental aspect of our advice process. Advising clients on how best to protect their home, their family, and their income.

Contact us today on 03300 94 94 09 to get started with finding the best mortgage for you.

The Value of Professional Independent Mortgage Advice

What are the benefits of professional Independent mortgage advice and how can you measure the value of advice?

We have put together a series of posts. focused on advice and how it will benefit mortgagees. We have broken down the key areas to focus key wins.

The Mortgage Market

The mortgage market is complex with all lenders having different market specialisations, product offerings, rates, types of property they will lend on and believe it or not even geography can play a part. Plus, lenders may often use more complex calculations to establish what they consider to be affordable and can have very differing criteria from each other.

Reviewing the best rates available on a comparison site will give information on potentially the best priced deal at that moment in time for individuals who match all the lenders criteria. This can often mean that when searching for the ideal product for your situation, it is not always about rate.

Finding the right mortgage for your personal situation is about taking into consideration your personal objectives and situation, then factoring in the differing lender criteria and establishing which lender and scheme will you fit with?

Equally, if you are fortunate enough to fit with the market leader. Another consideration could be your mortgage term. Your term is likely to be a period of perhaps 10-40 years. Is it likely that the market leader, be offering their existing client’s market leading rates at the end of the next specialised rate period such as a fixed rate ending or indeed for the next 10-40 years?

It is, almost guaranteed that the lender will not be the market leader for your mortgage term. Therefore, reviewing your options and benefiting from professional advice on a regular basis will in most cases assist you make the right decisions for you. Making sure that you benefit from savings on interest and overall payments made.

signing documents for a new home

What does an Independent Mortgage Broker do and how can they help?

A professional independent Mortgage Broker will assist you in many ways, examples being:

Listening to you and establishing your requirements and needs

Assessing your personal situation and helping you to find the lender who will lend to you, where you meet their criteria and offer you the loan amount you need.

Advising you on all aspects of your mortgage such as overall costs, term, and scheme period.

Helping to explain the jargon involved in home buying process and aspects such as the conveyancing process (the legal aspect of your purchase)

A good broker will generally speed up the process of finding the right lender for you and assist you in gaining a Mortgage Agreement in Principle. This is prior to making your mortgage application for you.

Recommending related insurance products to protect you and your new home. Insurances such as Buildings & Contents, Life Assurance, and Income Protection.

Listening, Assessing, Advising, Helping, Speeding up the Process, Recommending

My Mortgage & Protection Experts are specialist Independent Mortgage Brokers. Our ethos is ensuring that our clients benefit from quality, professional mortgage & protection advice.

It is important to work with our clients on an ongoing basis to advise on suitable mortgage products that will focus on suiting their current needs and requirements plus focusing on reducing interest paid and repayment of their mortgage in as short a timescale as possible.

Protection of our clients is also a fundamental aspect of our advice process. Advising clients on how best to protect their home, their family, and their income.

Contact us today on 03300 94 94 09 to get started with finding the best mortgage for you.

How Long Does a Mortgage Application Take?

Applying for a mortgage can be stressful enough for many people – however, it really doesn’t need to be! When looking around for the best mortgage deals, you’re going to need to make sure you compare and contrast between friendly services who can help guide you through the whole process. One of the most common questions mortgage lenders are asked from application to application is, of course, how long does the mortgage application process take?

There are many different factors which go into mortgage applications of all shapes and sizes. However, there are some routes through fast mortgage approvals which could help you claim the keys to your new home sooner than you might imagine. Fast mortgage loan approval might not always be guaranteed from lender to lender, however, it’s important to keep an open mind about how long the application process can generally take. 

How Long Will it Take for my Mortgage Application to be Approved?

On average, it will likely take a UK mortgage application up to one calendar month to process. This means, from end to end, it could take up to five weeks for you to hear whether or not you have been successful.

However, do keep in mind that this is purely an average or aggregate figure. You may find that from between applications to offer, you could have an answer in as quickly as three weeks.

The reason why this takes time to process is that there is plenty of paperwork to fill in and process! Not only will you need to undergo a credit check, but your application will be means-tested, and there will need to be various pieces of bureaucracy to complete along the way.

This is all necessary, however – as it means you can be sure your offer is protected, and that your lender has taken the time to understand your position. It is much better to give lenders time to consider your application than to accept a ‘no’ without any kind of background work!

signing documents for a new home

Is it Possible to Speed up the Process?

In some cases, it is entirely possible to speed up the mortgage application process. Your circumstances may dictate how quickly this will actually take effect; however, some lenders will be able to streamline the paperwork and bureaucracy for you.

At My Mortgage & Protection Experts, we work hard to make sure that all our applicants receive the smoothest, most efficient application process possible. While there are always going to be processes and red tape to cover, we work hard to ensure that you’re not kept waiting unnecessarily from step to step. It’s in everyone’s best interests to keep the mortgage application efficient, but just as important to ensure that it remains accurate.

Therefore – if you’re struggling to push ahead with a mortgage application, why not reach out to a leading mortgage lender who can help you get access to your dream purchase sooner rather than later? Let My Mortgage & Protection Experts help you access the best deals with accuracy and efficiency today.

Contact Us Today

Give us a call on 03300 94 94 09 or please feel free to fill in the enquiry form on our contact page today.