Last week I wrote about the importance of being on the electoral roll when you apply for a mortgage. Many people don’t realise that it plays in a part in the credit check. But it does (and some people don’t even know if they are on the roll or not – it might be time to find out).
There are a few things like this, that wouldn’t necessarily occur to you, which can impede or slow down the mortgage application process.
Another one we come across regularly is the problem of online bank statements. Most banks and customers like online banking, whether for convenience, reduced cost or environmental reasons. But when applying for a mortgage, they can throw a spanner in the works.
When assessing an application mortgage lenders need to see bank statements to check salary credits, debits or the funds for the deposit. On these statements they have to see certain information such as name, sort code, account number and bank website address.
Surprisingly, in many cases, printing from online bank accounts does not produce a statement in a format that is acceptable. We have seen clients resort to ordering postal statements, which takes time, and can often hold up the mortgage offer process. Many lenders are now not instructing the valuation until all documentation has been signed up.
So, if you are thinking of moving house or mortgage, check to see if you can print off a statement showing the details mentioned above. If not, to keep the application moving forward, we suggest you change back to postal bank statements.
To find out everything you will need to arrange a mortgage smoothly, come and talk to us at Limetree. We can help you get through the process with the minimum of hassle and delay.