Mortgages, remortgages and first time buyers
Prepare ahead and save time...
Many borrowers will benefit from an experienced mortgage broker when it comes to preparing for a smooth and quick application process.
Whole of market mortgage brokers deal with hundreds of lenders who in turn offer multiples of different mortgage schemes and options.
Thankfully, when it comes to applying for a mortgage they generally follow a similar pattern when it comes to the application process.
An experienced mortgage broker understands that the easier they make it for the lender to assess your application, the better the chances are of a quick turnaround from application to making you an offer.
For a successful outcome to the process, the more information you have to hand the better.
When you have a meeting with a mortgage broker they will go through a fact find with you where they will gather all the information they require. This is so they can assess your affordability and source the best deal available for you.
It’s also likely at this stage they will give you a shopping list of information you will be asked by the lender to provide:
Typically (and where applicable) for each applicant they will require;
Confirmation of your past 3 years addresses.
Your current Passport or Driving License.
One or two Utility bills (in the last 3 months).
Council Tax Statement.
Last 3-6 months bank statements (if these are printed off the internet they will need to show your account number and name)
Details of any loans, credit cards, mortgages or other secured or unsecured debts.
If you receive any benefits, tax credits, pension income or any other secondary income you may need proof of this.
If you are employed:
Last 3 months payslips and most recent P60.
If you are self-employed:
Last 3 years set of accounts or SA302’s.
Depending on the lender your mortgage broker places your application with, there may be further documentary requirements.
However, many mortgage brokers are extremely helpful and will walk you through the entire process from the beginning to a very happy and successful outcome!
Use our search function to locate an independent mortgage broker close to you today.
Have your proof of deposit and credit report ready
Proof of deposit: For first time buyers this can be a savings account statement or savings book. Your name and address must be on the document. If you are receiving a gift for your deposit then provide a gifted deposit letter from the person making the gift. For existing borrowers this is normally the equity in your current home.
Credit report: Order your credit report and address any incorrect entries before a lender sees it. Many credit reports are now free to obtain.
Here are links to where you can obtain your credit report: