In the lead-up to Christmas, the mortgage industry slows significantly, with many lenders closing for the festive season until the first week of January.
This downtime can delay transactions, particularly in traditional auction transactions where timing is critical.
To avoid setbacks, it’s essential for buyers and advisors to prioritise mortgage or bridging loan completions to be finalised by the first two weeks of December.
I advise prioritising urgent transactions, especially auction purchases with strict deadlines, by formal escalation processes via your solicitor to ensure these cases receive priority attention from lenders and solicitors.
We often utilise bridging loans to facilitate quick completions for borrowers facing tight timelines, providing an effective solution when traditional financing can’t meet the required deadlines.
Prioritising phone calls over emails when communicating with mortgage brokers and solicitors can be extremely effective. Verbal communication is more direct, especially during busy times like the Christmas season, allowing for quicker clarifications and faster resolutions.
I advise borrowers with pending cases post-Christmas to proactively prepare for the reopening of business. It’s crucial to ensure that all underwriting requirements are fully met and provided to your broker, and that your solicitor has all necessary documents to address any requisitions.
This preparation is key to smooth proceedings, especially considering the likely backlog that many firms will be facing after the break. By organising and double-checking all documentation in advance, borrowers can facilitate a quicker and more efficient completion process, helping to mitigate delays caused by the holiday shutdown.
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