Quick Mortgage Quandry

[Deleted User]

Hello guys,
Can I pick your (powerful!) brains on my current dilema?

Husband and I have had an unexpected offer on our house, last Tuesday. We were not expecting to get any serious viewers until March or so, and have not sorted out a mortgage yet for where we might want to move to. As it stand at the moment, we paid off our mortgage completely (and early!) with A+L just over 2 years ago.

We put in an offer on a house we saw yesterday morning, but have not had time to apply for a new mortgage. My question is, that since I imagine the vendor will be keen to see we have the means to pay for the house, does anyone think it is likely we could get a mortgage quicker if we go back to A+L rather than anywhere else? Obviously, it would be nice to get the best deal, but because we envisage being able to pay off a £45k mortgage in 4-5 years, I presume the differences would be negligable if we get one with no redemption penalty and the ability to overpay.

I appreciate we would get an answer if we approach A+L, but they are shut today, and it's good to get impartial, informed opinions. I'd love to hear what you have to say on this, including any related problems we might not have considered.

Many thanks

herbiesjp

Having had a mortgage with A&L will not necessarily make the whole process a lot quicker with them, than with other lenders.

_Andy_

The key to this seems to be giving the vendor peace of mind that you have the backing of your mortgage lender.
This being the case all you really need is an agreement in principle in writing from whatever mortgage lender, which can be done very quickly, e.g. same day.
This should then satisfy them.
A& L shouldn't be any quicker than any other lender to do either the AIP or formal mortgage approval/sanctioning as, as it will be essentially new borrowing, they will (presumably) wish to do the same credit and affordability checks as any other company.
Hope this helps
Andy

martin1018

Hi,
Whilst not an expert by any means, I was very impressed by L&C mortgage brokers - the ones Martin recommends - when I arranged a re-mortgage recently.
Don't know if they are open on Sundays, but it's worth a try. They have an 0800 number somewhere, I'm sure you'll find it on this site somewhere, or a direct number of 01225 408000.
I gave them a demanding set of requirements which they met within a day or so. Most of the application was done over the phone and has been really easy. I wouldn't hesitate in using them again.

Good luck.

[Deleted User]

Thank you all so much for your replies! I will certainly get an agreement in principle, and will now see if I can contact L&C! Just got to keep my fingers crossed that it all goes ahead!

silvercar

Coventry BS processed my mortgage application in 10 working days, you can apply online!

How quickly you can get a mortgage offer will depend on how quickly the lender can work. I bet most lenders can work quicker than solicitors so you'll probably have your mortgage offer before the legals are done.