Need a mortgage fast

regency_man

Hi all,

I've just had an offer accepted on a repossession property but it comes with conditions, that I must complete the purchase within 4 weeks with a further 1 week to exchange, otherwise they bank's agent is going to go with a lower offer from a cash buyer.

This means I need to set up a mortgage FAST.

Does anyone have tips for the most expedient way to achieve this? Would going to a broker be faster? Or do they just hand off to the banks after?

I've just been on the phone to Halifax and distinctly unimpressed, not only did they say that it would take 6-8 weeks for them to process the application, we hadn't got further than 5 minutes into the application process when the agent said he needed to confer with the underwriters and would have to call me back tomorrow because they didn't know how to deal with my irregular project based bonus scheme (even though I told him to ignore that and base it purely on my basic salary).

Thanks!

Westminster

This has broker written all over it

Malmo

Engage an independent whole of market broker. Let the broker deal with the lender.

andyfromotley

Broker, Broker broker!!

I dont suppose they will be able to guarantee success, but if you go on your own i reckon your chances of success are nil. Dont be afraid to pay for this either, it will be money well spent.

jonathan_1983

My first house was a repossession and it was all done within the 4 weeks that was set out from the start.

I did use a broker but naively, I used the in-house estate agent's broker which carried a lot of other problems but at least it was completed within the four weeks. I definitely wouldn't go alone for such a quick turnaround. I did a simple re-mortgage a year ago and that took long enough.

You'll have to move pretty quick though! And get a good solicitor; I was lucky as it was a friend so he chased a lot of things up and made it that little bit smoother.

Good luck!

regency_man

Thanks for the advice everyone. I'm incredibly excited and nervous at the same time!

I have been recommended a lawyer by some friends who moved recently and I am going to ask him for a recommendation for a broker. I'll keep you updated!

maninthestreet

I think you must mean 4 weeks to exchange, with a further week for completion, not the other way around.

Foxy-Stoat_3

Best advice for anyone else about to do the same thing would be to talk to a broker 2/3 weeks before you make an offer!

amnblog

Foxy-Stoat wrote: »

Best advice for anyone else about to do the same thing would be to talk to a broker 2/3 weeks before you make an offer!

Agreed, you are probably already down to 3 weeks.


Assuming the property is mortgageable.