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Securing Funding… FAST!

There doesn’t seem to be any getting away from talk of interest rates at the moment. With another review on 22nd June, there are mortgage deals popping up and being pulled daily.


The uncertainty is causing delays on lenders producing offers. To ensure you don’t add to those delays, we thought we’d share our tips to help you make sure you’re in the best position to secure funding, quickly.


Preparation is 🔑


Make sure that all of your documentation is prepared and ready to send.


Think about ID, proof of funds or deposit, credit reports, proof of address, solicitors’ details. Consider whether your solicitors have the capacity to handle your case quickly and if not, do you have an alternative? Does your lender require your solicitor to be on their approved list?


Understand What Product You Need


Some mortgages are considered special products and it pays to know what type of product you need for each strategy.


For example, applying for HMO or SA mortgages is slightly more involved than a standard BTL mortgage. If the property is of low value, it might be lower than some lenders lending thresholds.


Do your research well in advance and understand what product you need. Make sure that you're across the different requirements and assessment criteria for each of your potential lenders.


Deal Analysis & Tight Purse Strings


Perfect the art of analysing deals! If the lender can see and appreciate that you have a solid understanding of this, they might just be more comfortable lending to you.


The Best Fit


When it comes to mortgage brokers, make sure that you fully understand where their expertise lies in terms of the products they offer and the lenders they have relationships with.


Some brokers are fantastic at securing BTL mortgages, others deal with just HMO mortgages, maybe you need a bridging lender.


Do your due diligence and create a team of specialist brokers that you can call upon quickly, whatever the strategy is.

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