
If you seek property advice from a mortgage lawyer, the first thing they will ask you is whether you have all your mortgage documents ready. Preparing all your documents can take some time. Before applying for a mortgage, you should make sure you have the proper documents in order. However, if this is your first time applying for a mortgage, you may not be entirely sure which documents are required.
In this blog post, we will run through the essential documents you must provide to a mortgage broker to increase your chances of a successful application.
Identification
Before considering your application, the mortgage broker will need to confirm your identity, so make sure you have a valid passport or full UK driving licence with a photograph. If you have moved to the UK from another country, you will need to provide evidence of residency or nationality. This may be a residence card, a relevant visa or a biometric residence permit.
Proof of Address
For the mortgage provider to carry out anti-money laundering checks, you’ll also need to provide proof of your address. We recommend a utility bill or council tax bill, where your full name and address are clearly stated.
Bank Statements
Typically, mortgage lenders request your latest 3 months’ worth of bank statements. However, they may ask for up to 6 months’ worth in some circumstances. Mortgage brokers will look at these statements to check whether payments are successfully leaving your account and whether any loan repayment requirements are being upheld.
Proof of Income
The mortgage broker will need to see evidence of your income to determine whether you will likely be able to keep up with mortgage repayments.
Permanent Employment
Those in permanent employment will be asked to provide their three latest monthly payslips. If you are paid at more frequent intervals, you will have to provide more payslips.
Additionally, if you have received any bonuses or commissions, or have worked overtime, you will also have to submit a copy of your P60 or HMRC annual tax summary.
Self-Employed
For self-employed individuals, your proof of income may be your HMRC tax calculations. If you have an accountant, you should provide their contact details so your mortgage lender can request an Accountant Certification from them.
Evidence of Other Income
Other income, including any benefits or government allowances, private pensions, state pensions or maintenance payments, can be used towards your pension. These payments must be confirmed by an official letter or evidence in your bank statements.
Evidence of Deposit
If your deposit is coming from a savings account, a bank statement is usually required to confirm the origin of the payment. For gifted deposits, you may need to fill in a form or provide bank statements from the giftor.
Need Assistance From a Mortgage Lawyer?
Securing a mortgage can be challenging and time-consuming at the best of times, but getting property advice from a mortgage lawyer can streamline the research and application process. At Andrew Lee & Co, our mortgage solicitors provide expert property advice, guiding you through your mortgage options and helping you choose the right lender and mortgage.
For help buying al home or property, get in touch with the mortgage solicitors at Andrew Lee & Co today.
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