Mortgage Applications 2.0

As we left off here I spoke about the hidden things that first time buyers seem to find out as their trying to apply.

Luckily for us that at the moment we’re not at a stage where we have to rush and time is on our side, but if you’ve got say 3-4 weeks before you want to complete? Watch out and act quickly.

We had our interview with our broker and she went through several different sections that took around 3 hours in total, make sure you have time for this appointment.

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She spoke about 2 or 5 years fixed rates, luckily we had already discussed this beforehand. She did however make 2 years sound a good thing and to some, in different situations it defiantly would be, but after a 12 hour day and an influx of information we seem to have been going with what she thought would be best rather than what we’d discussed in-depth and agreed on. We later changed our mind and contacted her to change it to a 5 year like we’d originally wanted, not her fault but ours.

So tip num1, discuss fixed terms and percentage rates to know what you want to do and are comfortable with then unless something comes up that you didn’t know about and would make a major difference, stick to your choice, no one knows you or your situation better than you.

At the appointment she needed several different financial forms from us to take away. This wasn’t made clear to me, in the email it just said to ‘have the following information gathered for your appointment’.

So tip 9174797; make sure that if they give you a list that you have copies they can take. She ended up having to spend a further 30 minutes scanning things and took some originals that she’ll have to return at a later date.

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I am self-employed, this can further complicate things. From everything I’ve read and been told all I was supposed to have was 2 years of certified accounts and I would be good to go.

Wrong.

I don’t do my accounts, I pay a qualified accountant. It’s too much pressure and I’d rather not mess it up and get into trouble with HMRC. So long story short, I thought it was all fine. Until the appointment where I was told that my accounting books basically mean nothing and I needed to contact HMRC and get my tax year overviews and SA302’s from them directly to prove that I earn what I say I do and I pay tax.

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Fine and understandable but to be told it on the night was aggravating especially since I’d double checked via email a week before and told that my books would be fine. Not instilling much confidence there. I contacted my accountant that said she can get these for me but they could take up to two weeks. Another big delay.

Tip 3-003 if you are self-employed, I would recommend, as I’ll be doing now; that you get copies of these at the end of every tax year. This way you’ll always have them, it doesn’t matter how long they take to come and if say 2-5 years down the line you re-mortgage or re-locate you’ll have years worth if they want them!

I’ll carry this on in part 3.

Hope that you’re enjoying this and that some of you may even be finding it a little helpful!

k

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