One of the most common reasons for a delay in the mortgage application process is missing information.
Mortgage lenders demand specific information in order that they can properly ascertain exactly who they are lending to, where they live and their ‘risk profile’. In other words, do you enjoy a regular income and do you regularly meet your financial responsibilities.
Therefore, if you are an employee and you’re considering applying for a mortgage any time soon, it’s worth doing some financial housekeeping so that you are able to provide the following;
1. TO PROVE WHO YOU ARE SUPPLY ONE OF THE FOLLOWING;
- Original EU Passport - Current and in date or
- Original Non EU Passport + Visa - Current and in date or
- Original Photo Driving Licence - Current and in date
2. AND ONE OF THE FOLLOWING TO PROVE YOU LIVE WHERE YOU SAY YOU LIVE
- Credit Card Statement
- Driving Licence
- Inland Revenue Tax
- Notification or notice of coding
- Council Tax Bill
- UK Bank Statement
- Utility Bill (not Mobile phone)
- Polling Card
- Mortgage Statement
- Benefit Letter
We must see the original document, (if applicable dated in the last 3 months) and they cannot be online documents.
3. AND TO PROVE WHERE YOU WORK AND HOW MUCH YOU EARN
- Original latest 3 months consecutive payslips (or 12 weekly).
Each must show both your name and your employer’s name. We suggest you also send your P60 if you have additional bonus payments, commission and/or overtime.
4. TO ILLUSTRATE THAT YOU COMPLY WITH THE LENDER’S AFFORDABILITY CRITERIA PROVIDE THE LATEST 3 MONTHS’ BANK ACCOUNT STATEMENTS
These must include;
- Your name & account details
- Salary Credits (must correspond with payslips)
- Rent or Mortgage Payment
5. TO ILLUSTRATE WHERE YOUR DEPOSIT COMES FROM PLEASE SUPPLY;
- A Bank Statement showing the source of the deposit payment
- A gifted deposit letter from whoever is supplying funds
NB If you are buying and selling simultaneously, and not putting any other money in, you can ignore this section.
6. A CREDIT REPORT?
We may also need to check that the information held on the credit register about you before we apply for the mortgage. If you would like to check it yourself you can get a free copy here without any subscriptions.
7. MORTGAGE PROTECTION COVER
If you already have existing mortgage protection arrangements in place we will need to check it is sufficient and will need to see;
- Mortgage Protection policies or
- Life cover documents or
- Details of any cover provided by your employer - copies will do!
8. PROOF OF PENSION PROVISION (ONLY IF YOU ARE BUYING A HOME TO LIVE IN AND THE MORTGAGE TERM GOES PAST YOUR RETIREMENT AGE)
In this case we’ll need to see;
- Proof of Pension Provision
All documents need to be clear copies and include all reference numbers. Unfortunately, we cannot accept jpegs.
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