When it comes to getting a mortgage, one thing that you need to accept is that time is of the essence. Among the most competitive industries in the world, the housing market is brutally dog-eat-dog. This means that many people spend a lot of their time trying to get a mortgage, only to find that they were not quick enough in their decision making.
Want to make sure that you can get that mortgage in good time and make sure you don’t miss out?
Here are ten useful steps to get your mortgage sooner.
1. Plan out living arrangements
First off, who is going to be moving into the mortgage with you? This matters a great deal. Many people struggle with being clear about who is taking part in the mortgage payments, and this can lead to a lot of ambiguity that is not necessary in the first place.
We recommend that you spend a bit more time looking at trying to take on the mortgage together. Discuss the mortgage options with the people you want to live with first before you do anything else. This avoids any arguments or disagreements at crucial times.
2. Set a clear financial plan
You should then make sure that you spend more time setting a clear and obvious financial plan. Set a budget – you should want to know what you can afford in terms of the property deposit. Anything over 20% is considered good, but you might be able to get by on a 17-19% deposit.
However, the more that you can pay now then the more likely you are to pay less as time goes on. Before you do anything else, though, set a clear budget.
3. Start looking around
We recommend that you now start looking around for properties. You know who you will be living with, what you need to commit per month each and what kind of budget you have. Now, you can start house hunting without wasting your time by going for a property that you could never have afforded in the first place.
Looking around before you know who you’ll live with and what you can afford makes getting the right mortgage challenging.
4. Ask for exclusivity
If you are sure that you have found your ideal property, then you can ask for market exclusivity. This is very important, and will go some way to making sure that you can get a home on the market for a price that you can actually afford. This is something that will usually happen when an offer is accepted, but you might want to get it taken off the market ASAP.
Get the property off the market as fast as you can, and avoid getting outbid and wasting time.
5. Hire a conveyancer
We recommend that you look to speed up the process a touch by getting involved with a conveyancing solicitor. This is very useful as they can make sure that all the right checks and changes are put in place to ensure the property is fit for your own purpose and safe living.
Getting this carried out ASAP makes a lot of sense, and should go some way to making sure that you can get the property at a price you can be very happy with.
6. Carry out an application ASAP
While we never recommend rushing into anything, we recommend that you look to complete a mortgage application as soon as you can to help get the purchase of the home funded. If your offer has been accepted, you now need to start filling in your mortgage application as soon as you can to make sure the bank will lend you the money.
Be sure to bring along a financial advisor or someone with house buying experience to make sure you’re entirely comfortable with what is offered.
7. Get a survey carried out
While you want to get the mortgage sooner, nobody wants to pick up a bad or poor quality mortgage. To avoid you doing so, we recommend that you get an independent survey carried out by an RICS chartered surveyor. If you can do that, then you will get a much better idea on what the property needs in terms of work done.
It might help you to renegotiate the price and get a better deal if there are problems you’ll have to deal with.
8. Get in touch with a removals firm
The faster you can start to progress with the move, the sooner it’s all going to come together and give you the right kind of mortgage move. We recommend that after you have carried out surveys etc. that you start to get in touch with local removals firms. Set a date if you can, book up their services and begin to move forward with the purchase of the house.
The sooner you can show that you have things like moving companies ready to go, the easier it is to show the seller just how serious you are about buying.
9. Ask for a clear date
One thing you should look to do is make sure there is a clear, set in stone date for moving in and collecting the keys. Again, showing how eager you are to the seller will make it easier to move the purchase along and make sure that both parties can be happy with their end results in the near future.
Make sure that you have a clear date set in place or it can be easy for someone to come in and complete the whole deal faster than you could.
10. Get legal advice
Lastly, we recommend that you look to get as much legal advice with a real estate expert ready to go as you can. This allows you to quickly deal with any issues that might come up during the buying process, allowing you to make sure that the whole thin should work out as you had intended.
Buying a home and getting a mortgage can be tough: don’t let the rush to get the job done mean you make mistakes and end up with a nightmare purchase, though. Use the above steps, and you can move quickly to get the job done.