Application to offer within 3 days for first time buyers

A newly engaged couple contacted us to arrange an agreement in principle (AIP) from a mortgage lender whilst they were searching for their first home. They hoped that the AIP would put them in good stead against other potential buyers when making an offer on a property. Also, they were keen to find a place of their own as quickly as possible as they had been living with parents and didn't want to outstay their welcome.

We constantly track how long it takes lenders to process mortgage applications and were able to suggest one that fitted their requirements. In this instance:

  • The lender didn’t have a backlog of cases so would be able to process the application straightaway

  • This lender instructs valuations on day one, instead of waiting for documents to be assessed – this is not always the case with lenders

  • We have worked with this lender on numerous occasions so we were able to pre-empt its requirements, preparing documentation in advance

After a while, the couple found a 2-bed semi-detached house in Sevenoaks, Kent and put in an offer which was duly accepted. They then got in touch with us to make the formal application which we did the same day. The valuation took place just two days later and the following morning the lender issued the formal mortgage offer which allowed the couple to proceed with the purchase at near-record speed.

Property value: £371,000

Loan amount: £270,000

LTV: 73%

Rate: 1.45% 2 year fixed

Term: 30 years capital and interest

Lender arrangement fee: £999

Mortgage payment: £928 pcm

Consultant: Beckie Pepperrell, 01732 471202

 

ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

This is just one example of how we have helped secure finance for a client. If you have a similar scenario or something you'd like us to look at please get in contact with us on 0345 345 6788 or contact me directly at beckiep@mortgagesforbusiness.co.uk.

Consultant