Applying for a mortgage can seem an intimidating and complicated process. Thankfully this is something we do every single day, so we can do much of it for you. Simple.

The most important thing when considering the purchase of a new home is to put in place a mortgage offer. This is a considered offer made ‘in principle’ by a mortgage lender. The offer is made after considering a whole range of factors including your income, your job, your age, personal circumstances, credit history, available cash deposit, etc. This offer serves two purposes. First, it means you know how much you can afford before you start looking and second, it saves lots of time later.

At this stage, you don’t have to have a particular property in mind. In fact, if you do find your dream property, you’ll be in a much better position to make an attractive offer and ‘perform’ quickly with the purchase if you can show the seller you already have a mortgage offer on the table and ready to go.

To make an application, you’ll need to provide lots of information. Lenders are becoming more demanding when it comes to building a picture of the person they are lending to and it helps your application if you can provide comprehensive and accurate information. The good news is that whilst you’ll need to provide accurate information, you don’t necessarily need to provide all the supporting paperwork until later in the process.

Here is some of the information you’ll need to provide;

Proof of ID

  • Passport ideally, though lenders will also accept a full UK driving licence showing your current address
  • If you don’t have a British or EU passport, or a passport from Norway, Switzerland, Iceland or Lichtenstein, lenders will also want to see your residency card or visa.

Proof of Address

  • Bank statement showing your name & address
  • Council tax statement for the current year
  • Utility bill from the last 3 months, which can be water, landline internet, electricity and gas bills (but not a mobile phone bill)

Proof of Income & Cash Desposit

  • Your last 3 payslips
  • Your last 3 bank statements, showing your name and address
  • If you’re self-employed, your last 3 years of tax returns and tax year overviews (or however many you do have if it’s less than 3 years’ worth)
  • Proof of other types of income, like bonuses and rental income
  • Proof of your deposit (like a bank statement)
  • If your deposit is a gift, you’ll need a letter from the person giving it to you confirming they don’t expect to be repaid

Rest assured, the whole process is now quite simple. Especially when, like us, you do it every day.

Contact Mortgage Required for an initial chat on 01628 507477 or click here to book a free call or video appointment.

Download our Free First Time Buyers Guide

Recent posts

Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.

Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy

Does the time of year make a difference in house purchases? The answer is, yes and no.

The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances. 

If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.

Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.

If you are struggling to get over the hurdle of saving enough deposit due to being in a rental property, but wish to purchase your own home, you may be able to with a 100% mortgage. You will need to meet certain requirements and be financially stable.

If you are looking at remortgaging your property but you are unsure whether it’s the right decision, we have listed five reasons why it might be for you.

As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.

According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns.