Part 2 of our 7 days special, and today we look at perhaps the biggest misconception amongst customers arranging their mortgage. Put simply, if it was easy, mortgage brokers wouldn't exist! Read on to find out more, and for part 1, click here. As I already bank with them (and they know me) the application process will be easier. Lending and banking operations are frequently separate businesses of the same brand. In most cases we have to provide information to lenders that clients think “They should already have that” so whilst one part of the business knows you the other part doesn’t. There is now huge control over data sharing (GDPR anyone?) so invariably all documentation needs to be produced and certified again which, in turn, saves no time and does not reduce the application work anyway.
A lender who requires less information or auto-income verifies will be quicker (assuming they have the cheapest deal suitable for that customer). One of the other huge misconceptions under this heading is that many people think that the process of “porting” their current mortgage to a new home is simple because the existing lender won’t need any new documents or ask too many questions. In reality, porting a mortgage is simply a brand new mortgage application which needs the same underwriting and processing as any other application. It is far from guaranteed that an existing customer moving home will get the mortgage they need from their existing lender, and even less guaranteed that the process will be any quicker. Foursquare offer independent whole of market mortgage advice so you can be confident you have the cheapest product. The other part crucial part of our service is to collate and process the mortgage application through to offer. We have a client manager for just this task and we are all dedicated to do the legwork and chasing on your behalf. We ensure that any required additional information is provided clearly and promptly to minimise any unnecessary delays. More from us tomorrow, enjoy your Saturday evening!!! Pete & James
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