Autumn is traditionally one of the housing market’s busiest times of year. Vendors have returned from their summer break motivated to sell, while many buyers want to wrap up their purchase and be in their new home in time for the festive celebrations.
This autumn could be a particularly busy one. The Guardian reports that UK house prices have hit a two-year high, buoyed by the Bank of England’s recent decision to reduce interest rates, while mortgage approvals for homebuyers have also hit their highest levels since September 2022.
If you’re thinking of buying a home this autumn, and you’d like to be “in by Christmas”, here are three practical reasons why working with a mortgage expert can help your purchase to go smoothly.
1. Choose the right lender
When it comes to getting the right mortgage, a broker will balance a range of criteria when deciding which lender to recommend to you:
- The lender’s criteria, and whether they can lend you the amount you need based on your specific circumstances
- The interest rate options
- How quickly the lender can agree your borrowing and issue an offer.
Suppose you have a deadline of completing by Christmas. In that case, a broker will use their network of contacts and experience to find a lender who can both agree the amount you need to borrow quickly, underwrite your application, and produce an offer in a timely fashion.
If you simply look at a “best buy” table and choose the lowest rate, you may find that the lender’s specific criteria won’t accommodate your needs. Moreover, even if they can lend the amount you need, it could take weeks or months to obtain a mortgage offer, meaning that you miss key deadlines.
Furthermore, mortgage brokers can often give you access to a wider range of products than if you approached lenders yourself. These will sometimes include rates that are not available to the general public.
2. Help manage the mortgage process
If you’re putting an offer in on a property now, moving in before Christmas may be one of your key priorities.
Waiting weeks or months for a mortgage offer could stand in the way of this, and this is another reason why working with a mortgage broker can add value.
Brokers work closely with lenders – some even have dedicated underwriting or processing contacts – and so are well-placed to manage the mortgage application process.
Rather than you having to deal with a customer service line or call centre, we can often speak to key decision-makers and other staff to prioritise your application and speed up the production of your offer. In some extreme cases, we’ve even managed to obtain a mortgage offer within just days of application!
If time is of the essence, it can pay to have an expert on your side. Leaving us to do the chasing means you are free to focus on your other home-moving priorities.
3. Liaise with other professionals to get your purchase over the line
The run-up to Christmas can be a busy time of year – not just for lenders but also for other professionals involved in the house-buying process. These may include:
- The bank or building society that your mortgage is with
- Your solicitor or conveyancer
- Surveyors
- Removal services.
As the national estate agent Savills reports, “the six-week lead-up to Christmas can be incredibly busy”. So, again, having an expert on your side can help to bring everything together in time.
A mortgage broker can help to liaise with the various parties involved in the purchase to ensure deadlines are met. For example, many lenders will permit us to instruct a surveyor on their behalf, which can often speed up the valuation and survey.
We also have good relationships with many leading solicitors and conveyancers and work closely in partnership with firms to ensure work is concluded in accordance with your timescales.
Get in touch
If you’re buying this autumn and you’d like to find out how we can help to take the stress and time out of the mortgage application process, please get in touch.
Email [email protected] or call us on +44 (0) 20 3411 0079.
Please note
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
