What do mortgage lenders need?

Preparing for a mortgage application can feel rather daunting. You’ll want to get everything in order to avoid delays and potential sticking points. Before putting in your application, it’s wise to order credit reports from the three big credit reference companies. It is important to check there are no errors that could cause problems. For help with What do mortgage lenders need? Visit a site like Sam Conveyancing.

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What documents will I need to gather?

Get everything ready before you apply. The documents required will include:

P60 from employer

Utility bills

Proof of any benefits

Payslips from the last 3 months

Driving licence or passport

3-6 months’ worth of bank statements

Self-employed will require 2-3 years of accounts information

For those with more than one job or self-employed – the SA302 tax form

It is important that all details are correct and reflect what is written on the application form.

The above list is not exhaustive and different lenders may request more paperwork. Copies are not usually accepted so be sure to get hold of hard copies or copies certified by a solicitor or bank, for example.

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Credit

You will normally be expected to provide evidence on your income and outgoings, as well as any debt that you have on loans, credit cards and store cards, for example.

Other outgoings you should include are council tax bills, insurance and any living costs you have such as travel and childcare.

For those seeking a remortgage, the same steps are normally taken as above and you should also receive advice on different products and how they might be suitable.

 

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