Planning to buy a new house before Christmas? Research shows you’ll need to get your mortgage application going in October. 

There are 71 days to go until Christmas, which is plenty if you haven’t given a second thought to buying presents, but could prove a problem if you’re planning to move home.

Research by Rightmove has detailed that the average time to secure a buyer is 65 days, although you could have more or less time depending on where you live. Sellers in London tend to have less time, as it takes an average of just 41 days to secure a buyer in the capital.

In any case, if you want to make your move before Christmas, then October is your month. Here how to  speed up the mortgage process, so that all parties are happy.

Understand all that has to happen

A lot of work is involved from multiple parties when it comes to buying a property. Firstly, there is sourcing a suitable mortgage broker who will find the right mortgage for you and get it agreed, and then there is the need to organise a survey of the property and obtaining a mortgage offer.

You will have to instruct a solicitor to carry out the land searches and ensure that the title of the property is able to pass to you without any problems. Finally there is the agreement to ‘exchange contracts’ so that the property is yours and then agreeing a mutually convenient completion date for both parties.

All of these take time, and the quicker you can get each of these steps completed, the happier all parties will be!

Don’t let your mortgage application drag its heels

When you go direct to lender, you are faced with hours of meetings and a process whereby you become a number in a queue. When you don’t have time to wait around, meet for hours, or wait ‘however long it takes’ to move into your new home, you need to make sure that you work with a specialist medical mortgage broker that understands your situation, your pay scales and your exact timeframes from the outset. If your mortgage application gets off to a slow start, this delays the date of a survey. If the survey is delayed, both vendor and agent can get nervous as they won’t know if it will throw up something that may put you off buying the property, until the survey has been completed and you have received the report. If your survey is delayed unnecessarily, there is a risk that the vendor may instruct the agent to re-market the property, and you lose out on the property you wanted to buy and are back to the drawing board. Doctors Mortgages Online make the mortgage application process as simple as it can be. We work to your timeframes,  keep our requests from you to a minimum, and deal with the entire mortgage application process over the phone or online. We don’t need to meet you face-to-face. We know how busy medical professionals are, so we have streamlined our mortgage application process so that is is highly personalised, efficient and most of all stress-free! Keeping all parties in the house buying process happy, and and confident throughout is a refreshingly different approach – and one that you certainly won’t find to be the case with high street lenders.

Want to get your mortgage application underway today?
Then don’t delay! Get in touch with one of our specialist medical mortgage advisers on 01656 332 600 and set yourself up to be in your new house before Christmas!