What documents will I need to get a mortgage?

If you’re thinking of applying for a mortgage in the near future, let’s look at the documentation your mortgage broker is going to ask you to provide in support of your application. That way, you can prepare in advance and possibly shorten your overall application process time significantly.

1. Proof of ID.

What Proof of ID do I need to apply for a mortgage?

You need either your original or a scanned copy of your drivers licence or passport. Please note, the original must be in date and if using a scanned copy it must be a clear image of the whole document.

You can also use your EU/EEA ID Card as proof of ID.

2. Proof of Address.

What Proof of Address do I need to apply for a mortgage?

      • Either your original or a scanned copy of your in-date Drivers Licence.
      • A Utility Bill, dated within the last three months, again either original or scan.
      • A Bank Statement, dated within the last three months, again either original or scan.
      • Your Council Tax Bill, while either the original or a scan is acceptable, it must be your most recent years council tax bill to be accepted.

3. Proof of Income.

If I’m Employed, what proof of income do I need to apply for a mortgage?

You’ll need to provide your mortgage broker /adviser with all of the following:

      • Your last three months’ payslips – please note, these should be either originals or scans of your official printed payslips only; handwritten payslips will not be accepted by most lenders, and if you do receive the old-style handwritten payslips you should make your mortgage adviser aware of this so they can plan to only contact those lenders still willing to accept them.
      • In some instances, you may be asked to provide your last six months’ payslips rather than just three months – your broker will advise you further.
      • Your latest P60 if you receive regular commission, overtime and / or bonuses.
      • Your latest P60 will also be requested by your mortgage adviser even if your bonuses, overtime and commission are irregular and occasional, as the additional income will be used in support of your application.
      • Previous P60’s may be requested by the lender for these reasons too

If I’m a Limited Company Shareholder, what proof of income do I need to apply for a mortgage?

You’ll need to provide your mortgage broker / adviser with all of the following:

  • Last three years finalised company trading accounts.
  • Last one to two years of the above if you don’t yet have three full years trading.
  • Your Last three years personal tax calculations (SA302).
  • Last one or two years of the above if you’ve not got three full years available.
  • Last three years tax overviews.
  • Again, your last one to two years of the above if three years not available.

If I’m a Sole Trader, or a Partner in a business, what proof of income do I need to apply for a mortgage?

You’ll need to provide your mortgage broker / adviser with all of the following:

  • Your Last three years personal tax calculations (SA302).
  • Last one or two years of the above if you’ve not got three full years available.
  • Last three years tax overviews.
  • Again, your last one to two years of the above if three years not available.

If I’m a Contractor, what proof of income do I need to apply for a mortgage?

You’ll need to provide your mortgage broker / adviser with all of the following:

  • Your current contract.
  • Your last two years contract if applicable.
  • Payslips from your previous employment if you’ve only just started contracting.
  • P60 from previous employment, again, if you’re new to contracting.

1. Proof of Expenditure.

What Proof of Expenditure will I need to provide to apply for a mortgage?

No matter which of the above employment categories you fall into, you’ll need to provide all of the following proofs of expenditure when applying for a mortgage:

  • Your last three months bank statement (including business bank statements if you have them).
  • Your existing mortgage statements (if you’re currently a homeowner).

2. Your Credit Report.

Do I need to show my credit report to get a mortgage?

You will need to allow your mortgage broker / adviser access to your online credit report in order to successfully secure a mortgage. You can sign up for free at several major UK credit scoring companies, however, in some instances you may be asked to provide details of an Experian or Equifax report instead (these are the paid for Credit Scoring agencies that mortgage lenders base their application approval/refusal recommendations on). However, as only a small number of people will ever be asked to provide an Experian or Equifax report, sign up to one of the free ones first unless asked to do otherwise by your mortgage broker.

3. Proof of Deposit.

Will I have to prove where my deposit comes from in order to apply for a mortgage?

In order to comply with anti-money laundering regulations, and in order to ensure no claims against ownership of the property in the future, everyone providing a deposit against a mortgage must prove the source of that deposit in one of the following ways:

  • A savings account statement if the deposit is being drawn from your bank / savings / building society account, or from an ISA or other Investment account.
  • Sale of stocks and shares proof / account statement if the deposit is coming from the sale of stocks and/or shares.
  • If the deposit is a gift from a parent or family member, they must provide a signed letter to the effect that ‘the gift is not to be repaid and there is no interest retained in the property’.

Help To Buy.

Do I have to provide anything else if I’m buying a house through the Help To Buy scheme?

You’ll also need your Authority To Proceed, and that’s the only additional piece of documentation you’ll require.

Shared Ownership.

Do I have to provide anything else if I’m buying a house through the Shared Ownership scheme?

You’ll also need your Memorandum of Sale, and that’s the only additional piece of the documentation you’ll require.

That’s your full list of documentation proofs you may be asked to provide in support of your mortgage application – if you’re ready to take that next step, Contact Us and we’ll be delighted to help you out.

By | 2019-11-19T14:46:03+00:00 November 19th, 2019|