It’s a task that none of us really enjoy, but getting all of your documentation and paperwork in order is key to securing a mortgage. When the perfect property comes along and there’s a lot of competition from other buyers, you’ve got to make sure you’re in the best possible position and can move ahead without any delay, which means getting your documentation, specifically financial and identification, ready.
Lenders have a duty of care to ensure they can validate who they are lending to, and that those who are named on the mortgage can afford to repay it. All lenders need to therefore thoroughly check all applicants and their incomings and outgoings before reaching a decision. The documents requested help lenders to understand all of this.
It helps speed up your application considerably when documentation that is sent in is named in a logical order, as there’s nothing more frustrating for an advisor that having to sift through a mountain of paperwork to decipher what is what! Not quite ready to start the mortgage process just yet? Maybe you have a question you want answering? That’s fine, we’re here to support you when you need us – just contact us and we’ll be happy to help.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £650.