Loan first, property second

The housing market is going crazy, with selling prices up to 55% above CV. Many of you are helping your kids get into their first home. They'll need your guidance as well as your financial backing.

Here’s the best advice you can give them in the current market: Don’t go house hunting until you’ve got your loan pre-approved.

Why does this matter? Because approvals that used to be turned around in an hour now take at least 10 days. This is because the banks are struggling to deal with the volume of paperwork and there are lots more legal hoops compared to 20 years ago. 

With almost every property going to auction these days, a 10-day wait for finance will kill many deals. There’s nothing we can do about that – but we can get a loan approved in advance, so you can bid with confidence.

It’s a good idea to start the process up to six months before entering the market, so don’t hesitate to call us (or send your children for a bit of friendly education on the ins and outs of mortgages). For a generation used to instant responses on everything, a six-month build-up to buying a house may seem intolerable. But it's a lot more tolerable than missing out on property after property.

Remember, we don’t charge for this service. We’re here to help you and your children get all your mortgage ducks in a row, and avoid the pain of missing out.