I'm fed up! Why is sorting a mortgage out soooo laborious? If you didn't read my last 'House Project' post then you can read it here. I put an offer on a cute little Victorian terrace property and the process of buying my second home has begun 🙂 I thought I'd document my journey of buying a house and doing it up, so it can help any first time buyers or home renovators on their own little projects. Plus... I can see this is going to be a bit of a roller coaster as I'm doing it all on my own.
It Would Help If I Kept Everything In One Safe Place
This week has been one hell of a week sorting out my proof of address, proof of identity and proof of deposit. It's been such a headache and I've almost pulled out all of my hair in frustration. I can't believe how many documents you have to provide to both the mortgage provider and the solicitor! I don't remember it being this thorough three years ago. It just shows how times change in such a short period and banks are being A LOT more thorough in their assessments. It seems simple enough when you see the list of what is required... that is if you know where each of those documents are. Oh dear.
I've spent several evenings up until the early hours frantically searching for my pay slips, my passport and attempting to locate PDF bank statements on my online banking. If only I had all my important documents kept in one safe place. It's easy to say this in hindsight but when you are moving all your shit out, sometimes things just get misplaced in the process. Arghhh!
Online Banking Stress
This week has been a bit stressful to say the least. Firstly, I couldn't find my passport and I still can't find it to this day. Secondly, my driving license is still registered to my old house so that left me in a bit of a pickle with my proof of address. Thirdly, my online banking is set up so that it's almost impossible to figure out how to obtain a PDF bank statement. Now, I thought I was quite savvy with computers...but obtaining bank statements when you are set up to paperless is the most difficult thing I've ever come across in my entire life. I thought internet banking was supposed to make life easier! And there I was being all good to the environment by not getting paper statements posted out.
A message to the banks... you seriously need to sort out your online banking systems, and make it easier to actually communicate with a human being when you have a problem. And make it more instant when you update something, so you can actually access it now rather than in 3 working days.
So anyway... a week later and I'm almost there. I've been informed by the mortgage provider that I STILL need to order a paper statement from both my normal account and ISA for my proof of address, despite me sending them the past 3 month copies downloaded from online. They mustn't believe me! Ahh well at least this headache will be over soon.
Some Advice To Anyone Planning To Buy A House In The Next 6 Months
- Keep all your pay slips for the last 6 months in a safe place
- Make sure you have either a valid driving license or passport together in that safe place
- Have your online banking set up to allow you to save a PDF statement on a monthly basis up to the current date/ or set it up to receive paper statements through the post each month.
- Maybe figure out the above a few months before you need it, so you aren't frantically doing this in a couple of days.
- If you are moving out, label boxes so you know where you have put all your stuff. I know this seems quite obvious but sometimes you forget these obvious points in the midst of all the massive list of things you need to do.
- Have access to a proper scanner. I know technology has moved on with those apps on your phone that let you scan your documents with a camera, but the banks don't accept this unless your document is completely flat and not been folded up (like mine where!).
- Get a mortgage advisor on board to sort out the best deal for you and make sure they have access to the full market. (you can get a mortgage advisor that takes their fee from the lender, so it costs you nothing). You can end up saving lots of money especially when you haven't done it before; it makes the process much easier.
- Stay positive. Take a step back and think, there is no point stressing because things will be sorted in the end. This is such an exciting time and be proud that you have actually got to this stage and had a offer accepted!
- Most importantly...don't forget to breathe!
I realise I'm probably being a bit of a drama queen here and the purpose of this post is not to fill you with dread about buying a house. I'm such an impatient person and I like things doing now, so when something is making it harder to get something done immediately, it drives me absolutly insane! If you follow my tips then you will avoid making the same mistakes that I made. I will keep you all posted on the next stage...the mortgage provider arranged a valuation on Friday and I find out the results on Monday. EEK.