The UK property market remains very active, though tempered slightly from the high rates of price appreciation and market urgency experienced earlier in the year. Most property experts predict annual home values for 2022 will have grown between 5 – 10 % compared to last year. Limited stock as well as active first time-buyers continue to push demand and pricing.
How best to win the competition as the ‘buyer of choice’ in this active market? One solution is to come to the table pre-qualified and pre-approved by your lender. Quealy & Co Estate Agents in Sittingbourne have listed their insights for fast-tracking the lending process and listed them below for you.
- Check your credit file and score. The best option for this is checkmyfile.com as this services gives detailed reports from multiple credit reference agencies, including Equifax and Experian. Preparation tip: lenders like to see payments for financial products (loans, credit cards, mortgages, hire purchase agreements etc) made on time.
- Document your Income. You’ll want to provide adequate documentation for any compensation beyond standard pay, e.g., overtime and bonus income. Only cite this income if it’s consistent and not a one-time event. Lenders want to see a track record.
- Consolidate your accounts. Lenders want to see one source for their payments, so you may want to collate all your available monies into one place. The obvious exception to this is of course an ISA or Help to Buy ISA which you’ll need to leave till last before cashing it in and receiving the bonus.
- Prepare for additional costs. In addition to deposit monies, there will be some other expenses to consider in your home purchase. Be sure to have money put aside for these costs, which can include broker fees, legal fees, an Energy Performance Certificate (EPC), and a homebuyer’s report or full structural survey (not required, but highly recommended to avoid surprises down the road). In total, these costs can easily accumulate to £2000 or more
With limited listings and plenty of interested buyers, sellers and their agents are most likely to work with interested parties who are financially ready to act on their offers.
It is important to remember that whether you believe have the perfect application to submit or not, you should start the conversation early with a recommended financial advisor. Their experience in the marketplace and familiarity with specialist lenders/products (when and as needed) can be invaluable. We will be happy to put you in contact with a well recommended professional!
Need moving advice?
Call us on 01795 429836 or email email@example.com to chat with a member of our friendly and experienced team about anything to do with moving home. We are selling properties in Sittingbourne, Sheerness, Minster, Faversham, Canterbury, Rainham, Gillingham, Chatham, Rochester and Maidstone. Our property marketing services are expanding across Kent!
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