Get mortgage ready to secure your dream home
30th May 2021
30th May 2021
In a competitive market, it has never been more important to ensure that you have prepared all the relevant documentation required to ensure you are in the best possible position when offering on your dream property. In today’s market, vendors can afford to be picky and like to see serious buyers that are ready to move quickly when deciding on which offer to accept and, that does not always mean the buyer that offers the most money!
Make sure you have a mortgage in principle
By preparing the following documents, for all applicants, prior to your mortgage appointment, it will enable your mortgage and protection specialists to provide you with a full mortgage recommendation without delay:
1. ID verification - A copy of your passport or driver’s license.
2. Proof of address - A copy of your most recent water bill, electricity bill, credit card statement or council tax demand etc.
3. Current account bank statements - Last 4 months statements showing salary receipts and living expenses. This will be for all accounts you hold, for example, some people will operate bills separate from their income account.
4. Income for employed applicants - 4 most recent months’ payslips and latest p60. Include any additional payslips showing bonuses, if bonus income is to be used towards affordability.
5. Income for self-employed applicants - Personal Tax calculations & Tax year overviews for the last 3 years (see helpful download guide below).
6. Sole traders or LTD company applicants - The Last 3 years Financial Accounts for the business.
7. Proof of deposit - Statements of savings accounts, bonds, and ISA’s where the funds were saved, or if a deposit is a gift you will need to provide a ‘deed of gift’ from the giftor. The reason for the letter is so that the mortgage lender can prove that the money is a gift and not in fact a repayable loan.
We also recommend you obtain a copy of your credit report prior to proceeding with a mortgage application to ensure you do not find any unwanted surprises!
Our team are here to help and can offer advice and recommendations of companies we work with that can help you move forward with your moving plans. Contact us on 020 8882 7888 for more information.