USEFUL GUIDE 2 – Getting organised for a mortgage
Mortgage Broker in Hull & Surrounding Areas –
Malcolm Davidson & The Team at Hullmoneyman.com
Professional Mortgage Advice
Getting a mortgage is very much about getting organised.
All Lenders will want you to produce lots of different documents about yourself to back up the information you are putting forward and the more of this you can have available at the outset the quicker we can obtain a mortgage offer on your behalf.
Think about your mortgage application as a bit like a job interview for a position you really want – you need to present yourself in the best possible light and be prepared for the information you provide to be checked out thoroughly.
Prior to meeting with us about putting in a Mortgage application, take a look at the list below and start yourself a file at home containing the documents you will likely be asked for.
The documents you will need for a mortgage:
1) Your last 3 months’ payslips – this is to back up your earnings and your net pay should match exactly what goes into your bank account each month
2) Latest year’s P60 (or latest 2 years if you earn lots of overtime/commission) – some Lenders require this to back up your payslips but if we can evidence that you consistently receive overtime and bonuses each year then these can be taken into account
3) Last 3 years’ SA302’s (self-employed only) – you (or your Accountant) can download these directly from HMRC website for instant access, email me for instructions. This will be your proof of income
4) Last 3 months’ current account Bank Statements – since the Mortgage Market Review of 2014 the analysis of your expenditure has become one of the most important things in terms of a mortgage application. Lenders will not want to see gambling transactions, bounced direct debits or you going over an agreed overdraft limit
5) Proof of Deposit – for anti-money laundering purposes you will have to evidence build-up of your savings. If you have been gifted some money towards your deposit then we will need to ask your family member to sign a letter to confirm they are not expecting repayment of the funds. Try not to move money around your Accounts too much as it can create a long audit trail
6) Proof of ID (passport/driving licence) – we will need to see some original ID, you just need to ensure it’s all in date
7) Proof of Address (recent utility bill or Bank Statement) – this needs to be dated within the last 3 months
8) List of your regular monthly outgoings – If you are buying a new property this should be based on what your outgoings will be after you move – the key thing here is to be realistic when it comes to your projected outgoings as it will be “sense-checked” by the mortgage Lender. As well as being a necessary part of your mortgage application this will act as a handy budgeting tool for you to calculate the maximum monthly mortgage payment you can afford. Remember to factor in future potential interest rate rises and think about whether you can afford your mortgage payments in the future
9) Up to date copy of your Credit Report – this is not a document that the Lenders will ask you to produce as part of your application but it is extremely useful for us to have because if there is any adverse information registered against you we’d rather know now than later so we can help you rectify. You can also check that your details are entered correctly on the Electoral roll on your credit report.
10) Copy of your latest Mortgage Statement if you currently have a mortgage – if you are selling your house or remortgaging it’s useful to obtain a settlement figure from your current provider so we can be certain how much equity you have available
For a FREE Mortgage Consultation please ( Call / E-mail / Text )
Mortgage Advice in Hull & Beverley
Mortgage Broker in Hull & Beverley