Recently one of our advisors processed a mortgage application, receiving an offer in only 8 days due to their capabilities, experience, and insight, all of which came together to enable an unbelievably quick turnaround.
The mortgage application was submitted by a sole applicant for £331,000, covering 84% of the purchase price on a £390,000 property in the London area after the £59,000 deposit was factored in.
The applicant, a First Time Buyer (FTB), had been referred to one of our advisors by a friend that had worked with the advisor previously. Not feeling particularly confident, due to uncertainty of the process and any potential pitfalls that might come up, decided to come forward and ask for support in submitting their application.
After completing some background checks into the client’s financial history, income situation and long-term affordability, the advisor was pleased to see that the application was very straightforward, with no noticeable issues from the onset, and so submitted the application to Nationwide straight away.
After some further back and forth with the lender, making sure all aspects of the arrangement were sound and ready, a mortgage offer was put forward to the client after only 8 days. Anyone who has ever gotten a mortgage in the past will know this is unbelievably quick by any stretch, but even for a broker this speed is an impressive feat, all made possible by their ready at hand bank of knowledge regarding lenders, submission process and criteria.
The advisor commented on the case saying that, despite the straightforward nature of it, it was highly unlikely the applicant would have been able to get an offer from Nationwide in the same amount of time, showing that even in simpler instances the expertise of a broker can be invaluable in keeping things moving along far quicker than would have otherwise been possible.