We sat down with Capita Finance Solutions General Manager Gill McLean about what this means for clients, she said “in the past if clients took 10 days to provide all supporting documents, it wasn’t such an issue however the new requirements, like supplying the most recent pay slips, will mean loan applications will have to be within a pay period”.
This means the requirements of additional supporting documents, must be done in a much more timely manner to meet the banks new requirements. There will be time restrictions in validating any such original documents, which means a strong relationship between client and their bank or broker should be maintained to avoid delays.
Gill advises that brokers have seen that the banks are prioritising applications where there is a purchase involved to ensure that they meet the finance approval and settlement deadlines on the contracts of sale.
If you are looking to make your next property move, it is important to get all the details and prepared as early as possible. Speak with your broker or your bank to get off on the right foot when you are planning your next purchase.
This information is general in nature. Please speak to your a broker, banker or other professional adviser as to how this information will apply to your specific circumstances.