WHAT DOCUMENTS WILL I NEED?
This will vary depending on the type of mortgage you require. For example, the documents we will require for a Buy to Let mortgage can be different from those needed for a residential mortgage. But in general you should look to get the following ready:
We need to prove your income and this will depend on whether you are employed or self-employed
Last 3 months payslips and latest P60. More evidence may be required if relying on bonuses and/or overtime and commission
Generally the last 2 years SA302’s and Tax Year Overviews. Sometimes an accountants reference may suffice
PROOF OF IDENTITY – normally a valid driving licence or passport
PROOF OF ADDRESS – We understand that you may not have Utility Bills if you live at home with parents, but we do need to have evidence of your current address, which could be an original bank statement or your driving licence card. Just make sure your current address is the same on all the bank accounts, credit cards, etc
PROOF OF DEPOSIT – This might be an up to date bank or building society statement. Some lenders also need to see how this has been built up over time. Gifted deposits are also quite common and we will be able to advise you further here as it vary’s
CREDIT REPORT – As part of the mortgage process lenders will carry out a credit check, which will look at whether you have kept up payments on existing commitments, and whether you appear on the Electoral Register. It is vitally important that your personal credit file is accurate and up to date, so we strongly recommend that you set up an account and carefully check your report. We recommend that you use Checkmyfile.com, as this pulls information from all four credit agencies and provides an easy to read report:
From a lenders perspective, a good credit report carries an awful lot of weight in the decisioning process. Conversely, a poor report can have a significant negative impact on your application, so it’s vital that your report is accurate and up to date.