Mixed updates from lenders this week as some have increased
rates and others have reduced them.
Fluctuations do not always correlate to the cost of the funds to the
lender. Sometimes a lender will increase
rates to stem the flow of business and, where needed, allow them to catch up
and bring their service levels back to within manageable levels. A few lenders are over a week behind in
processing, but the average seems to be two to three days to turn things
around. Speed is a high priority in the
current climates.
The most important thing is to provide as much information
and paperwork at the outset as possible.
If a lender wants three months bank statements showing salary credits
and rent or mortgage payment debits, that's what they want. Two months will not suffice and will cause
your application to be delayed! Our
world will not ever be paperless, so be prepared to present all items as
required and ready to read a lot of small print!
That said, specialist lenders are becoming more
accommodating to difficult and complex scenarios. This can be on the residential side, where
family may act as guarantors and allow a charge on their property in addition
to the security property. Or, it could
be a non standard construction type property (as seen on TV), that may not be
suited to a high street lender. Or it
could be where a landlord rents out a property to a member of their own
family. This is classed as a 'regulated
buy to let' and as such, following regulation changes last year, only a few
lenders will consider these mortgage applications types at present.
Others include mortgages for the over 65s / lending in to
retirement (life doesn't end at 65!). Or
development projects from first timers to experienced builders. Many of these are happening in the local area
where empty office blocks are being converted in to flats, etc.
Whatever your requirements, there's probably a lender out
there willing to consider your scenario.
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