Having your correct documents ready in advance, can help the mortgage application process run smoothly.
This article explains what documents you will need for your mortgage application to help you become mortgage ready.
Proof of Identity and Address
Your mortgage application requires you to provide your mortgage advisor with a full and valid photograph ID along with proof of your address. The documents typically accepted will be:
- Driving Licence
Proof of address:
- Driving licence
- Utility Bill (Dated within last 3 months)
- Latest council tax bill
It is essential that your ID is in date and has your correct name and address displayed. If you have recently changed your name, you will also need to provide proof of this e.g.: marriage certificate.
Lenders will often require copies of your bank statements. This will include the latest 3 months statements of any bank accounts you may have, including personal, business and joint accounts.
It is advisable to ensure you do not stay in your overdraft as this can affect your affordability and therefore your potential mortgage options.
Proof of income – Employed
If you are employed lenders will want to see proof of your income. When paid monthly, we will require your latest 3 months payslips however if you are paid weekly, we will require 13 weeks’ payslips.
Proof of income – Self-Employed
If you are self-employed lenders will need to see proof of your income. They will request your annual tax computations and your tax year overviews. How many years they need can vary between lenders and is dependent on your circumstances. In some cases, lenders will accept 1 years accounts, some will accept 2 years and other 3 years.
If you are approaching the end of your tax year and your self-assessments have not yet been completed some lenders will accept a projection of your earnings from your accountant.
Proof of Deposit
Proof of deposit is required when you are buying your first home. If your deposit is coming from your savings, you will need to provide a copy of your bank statement showing the funds available however if you are being gifted the deposit a signed agreement will be required.
Copy of Credit Report
It is helpful to provide a copy of your credit report as lenders will need details of what debts you have and your monthly payments. This is because it can affect your affordability.
We would advise that you keep an eye on your credit score. If you are looking for tips on how to improve your credit score, then take a look at our article on 4 tips to improve your credit.
You can download a copy of your credit report here!
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If you have any further questions or you would like us to help you on your mortgage journey then contact us today!
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.