GETTING YOUR PAPERWORK IN ORDER


ORGANISATION IS KEY

 
 
 
 
HOW MUCH COULD I BORROW?

GETTING YOUR PAPERWORK IN ORDER

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.

  1. Documents you’ll need:
    • Passport or driving licence (to prove your identity)
    • Utility bill from within the last three months (to prove your identity)
    • Last three months’ payslips
    • P60 form from your employer
    • Bank statements – for all current account for the last three months
    • Statement of two years’ accounts from an accountant (if self-employed)
    • SA302 Tax Return form (if you have earnings from more than one source or are self-employed)
    • Proof of benefits received (if in receipt of benefits)

Why are so many documents needed?

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.

One last tip

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.

BOOK A FREE NO OBLIGATION MORTGAGE APPOINTMENT

WE PLAY BY THE BOOK

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.

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