Photo by Hayhurst Estates

This month, I’d like to talk about your power team and how having the right people around you can help avoid delays and even reduce common pinch points—in the mortgage process.

Your Power Team

It’s more important than ever to have a team working both for you and with you. Every stage of the process can be slow, so keeping momentum at the pinch points is crucial. The professionals you work with need the right expertise for your requirements – bridging finance, for example, comes with a very different set of challenges compared with a standard term mortgage.

I’m also a great believer in choosing a team and sticking with them. This business is built on relationships, and you’ll always get more out of people when you invest in those connections. Personally, I can offer far more value when I look after all your mortgages – not just a single deal. That way, I can align with your long-term plans and smooth the process as we get to know each other’s working styles.

The same applies to your solicitor, and often to your valuer too (particularly if you’re investing in one area). Consistency gives you greater certainty in your figures and results.

Pinch Points in the Mortgage Process (and How to Speed Them Up)

Solicitors

Solicitors remain very busy, and this is still causing big delays in completions. Here’s how you can help:

• Choose wisely. Speak to your solicitor first, explain your scenario and the lender, and set expectations. Make sure they know your timescales. Always ask the open question: “Do you have the capacity to deal with this?” before instructing them.

• Work as a team. Choose a broker who’s willing to chase your solicitor, and a solicitor who’s happy to collaborate with your broker. Too often, solicitors won’t copy us in or use our experience to keep things moving and it’s frustrating.

• Set a real completion date. Keep your team focused on it. Momentum is everything, and “ASAP” doesn’t get you to the front of the queue.

Companies House Information

We’re seeing more issues arising from Companies House records. A good broker will usually spot these early, but you can also prepare:

• If you’re a sole director and shareholder who used model articles when setting up your company, you’ll need amendments for most lenders (following a judge’s comments on the wording). We can provide the wording you’ll need, so this doesn’t delay things later.

• Lenders are now stricter on name matching. If your middle name isn’t listed on Companies House but is on your ID, it now needs to match across the board.

• Land Registry delays are back, especially with registering new property information. This can cause problems if you’re refinancing quickly. We can expedite registrations once the new mortgage offer is issued, but having a proactive solicitor and a broker on the case will make all the difference.

As always, if there’s anything I can help with, please get in touch to set up an initial call. It’s never too early to involve your broker, I’m always happy to have a chat here.

 

About the Author:

Ellie Broadhurst is a specialist mortgage broker working at Baya Financial in partnership with The HMO Roadmap. She works with HMO property investors throughout their journey, from clients starting on their first project through to experienced portfolio landlords and developers. Learn more about Ellie here.