Save Money & Get Yourself Ready For The Mortgage Sales!
Most lenders use the financial year for their sales stats. Therefore January 2017 is the start of the last quarter of their year. Lenders like to get in lots of business in the last quarter to hit their lending targets.
We have already seen some exclusive products being released for clients who can complete by the end of December so this indicates to me that we will see some great products available in January next year.
A mortgage offer can be valid from 3- 6 months so you can save money and take advantage of a rate released in January 2017 even if your current mortgage deal does not expire until the summer of 2017.
- Lenders release very competitive rates in January
- Many of these are exclusives which can only be accessed via select brokers
- Often lenders will release ‘sale’ products – These are available for 1 week only and you will need to be quick off the block to secure them
The reason for the exclusive products and sale products being released via selective brokers or for a short time sometimes only a week at a time is so that they can regulate the amount of business they receive.
Releasing products via select brokers means lenders can withdraw the products very quickly once they have reached their quota.
Likewise, releasing ‘one week mortgage rates’ will generate quick business however not overload the lender for long.
So with January around the corner and plenty going on in between now and then use the next few weeks to get on top of your paperwork so you can be ready to apply for a mortgage in January.
How to be prepared:
- Speak with a broker
- Complete a mortgage fact find with them
- Supply the broker with your paperwork to support an application
- Let the broker know that you would like to hang fire now and take advantage of any low rates which may be on offer in the new year
Supporting paperwork includes:
- Recent utility/council tax bill with your name and current address on
- Last 3 months bank statements from your current account
- Last 3 months payslips if you are employed
- P60 if you are employed
- Last 2 years SA302’s (April 2016 is now required) if you are self employed – These can be downloaded from the HMRC website. If you are a Ltd company director you will need the latest 2 years accounts.
Often, especially with the one week sales, by the time we have collected the supporting paperwork from the applicant, the sale is finished. So you need to be ready to move quickly to save money and take advantage of offers as soon as they are released. Get prepared, get organized and get and see your mortgage now as it could save you a lot of money come the new year.