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What do I need for my mortgage application?

mortgage-application

The home buying process can be a lengthy one so in order to give yourself a head start it’s a good idea to try and sort out everything you need for your mortgage application.

The exact things you’ll need will depend on your mortgage provider and your own personal circumstances but we’ve put together a simple checklist which should give you good starting point.

Credit report

Before you even start your mortgage application, you should get hold of a copy of your credit report (you can do this through credit agencies such as Experian, Equifax or Noddle).

Whilst your credit score is only an indicator of your eligibility to get a mortgage, it’s useful being armed with this knowledge in advance so you don’t get any nasty surprises when you fill in your mortgage application.

ID documents

A mortgage lender will need to check your identity before they agree to give you a loan so make sure that your documents are up to date.  You’ll usually be expected to provide original documents rather than copies.

Documents which may be required include:

  • – Passport
  • – Driving Licence
  • – Utility Bills or Council Tax Statement
  • – Bank Statements

Your deposit

Not many mortgage providers will offer you a loan without a deposit – and they want to know where it’s come from.

If your deposit comes from personal savings, then this can be evidenced by bank statements so make sure you have these to hand.  Online statements may be accepted but some lenders may wish to see hard copies so you may need to order these from your bank.

Many first-time buyers can’t get on the property ladder without financial help from parents so it’s no surprise that many deposits are gifted.  If this is the case, your mortgage lender may want to see a letter from the person who has given you the money.

Proof of income

Your lender wants to make sure that you can afford to make your mortgage repayments, so proving that you have sufficient, regular income is essential.

You may be asked to provide:

  • – Last 3 months payslips
  • – Last 3 months bank statements (to prove that your salary is being paid into your bank account)
  • – Latest P60

If you are self-employed you’ll typically need to provide details of your account for the last 2 years.

Property details

Whilst some buyers visit a mortgage lender to get a decision in principle before they even start to view houses, many have already decided on the property that they want before applying for a mortgage.

If you fall into the latter category, it will be useful to provide the details of the property for the lender.  A lender is unlikely to mortgage a property that comes with any sort of risk-attached so any information that you can provide to the contrary will help your mortgage application to go more smoothly.

The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of SO Media.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

2 thoughts on “What do I need for my mortgage application?

  1. vanessa kendrick says:

    We have several buy to let properties that we are looking to remortgage can you assist

    1. Holly says:

      Hi – Please can i take a few more details from you using the form below and a buy-to-let expert will be in touch with you shortly. Thanks:
      https://www.sosmartmoney.co.uk/compare-mortgages/buy-to-let/

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