What do I need to apply for a mortgage?

If you’re going to be applying for a mortgage in the not too distant future it's a good idea to get ahead and try to sort out the paper work you’re likely to need, especially now things like bank statements and bills are often online.

What you need will depend on your circumstances and the lender in question, this checklist should give you a starting point.

Check your credit report

Get a copy of your credit report from Experian, Clearscore, Credit Karma, Transunion or Equifax.
  • The score you get is purely an indicator; different lenders will interpret this differently
  • Where possible you want to be registered on the Electoral Roll at your main address
  • Your address history needs to be accurate
  • Avoid overdrafts and payday loans if possible

Ensure your ID and address documents are up to date

If you need to provide proof of ID or address to satisfy money laundering requirements it must be the original document rather than a copy, and be current and valid.

  • Passport – must not be expired
  • Driving License – must have your current address
  • Council tax statement - latest one available
  • Utility Bills – usually dated within 3 months
  • Bank statements – physical statements are required if you use these as proof of address

Make sure you can show where your deposit is coming from

If you're buying a property lenders will want to see where your deposit is coming from, whether it's from your savings or a gift
  • Savings will need to be evidenced with bank statements and large lump sum transfers will have to be explained. Online statements can satisfy some lenders here but will need to show your name and address. Some online facilities don’t allow this so check yours now.
  • Gifted deposits will typically require a letter from the person giving you the money but the format of this will vary depending on the lender, so they'll need to be in a position to sign this when you apply for the mortgage.
  • If you're raising the money on another property it may make sense to start this process earlier to ensure you have the money available when you need it.

Have all your income proof readily available

Income proof will also depend on which lender you decide to proceed with. However it makes sense to have the following available or easily accessible:

  • Latest 3 months payslips (online payslips are usually acceptable if they include your personal details on them)
  • Latest 3 months bank statements (the account that your salary is paid into as well as satisfying the above requirements for bank statements)
  • Latest P60 (especially if you have bonus income)
  • Last 2 or 3 years SA302s or signed accounts (if you are self employed).

Check your solicitors are on the lender’s panel

Lenders are extra vigilant these days to target mortgage fraud. Ask your solicitor if they can work with most lenders to help make sure they are a reputable firm. By using our legal service we can guarantee that the solicitor we recommend will be on the lenders panel that you are proceeding with. 
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