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What information do I need to provide when applying for a mortgage?

Lenders want to get to know you

If you’re after a mortgage, lenders are going to want to see some information about you. Before your mortgage application is approved, lenders need to perform an affordability assessment. This is to make sure you’ll be able to manage mortgage repayments.  For them to conduct this assessment they need some vital information about any of the applicants.

So What Do I Need?

There are three main forms of documents you’ll need to provide. These are proof of identity, proof of address, and proof of income.

Applicants will also have to provide proof of any credit commitments. Depending on what type of buyer you are, you’ll also be asked for some purchase specific documents.

These documents are either physical copies such as passports or paper bills, or electronic copies such as bank statements. Physical copies can be scanned or photographed to be sent in. We recommend scanning physical copies as they produce better quality images. All documents must be legible and complete. Illegible documents are a major cause of delays to mortgage applications and something we want to help you avoid. Digital copies of documents can be downloaded and sent directly by email or web chat.

 Proof of Identity Documents

  • Photographic ID – You’ll need to submit at least two forms of photographic ID. These are usually a passport and a driver’s license.

Proof of Address Documents

  • Bank Statement – Lenders will require at least three months worth of bank statements for a mortgage application. These should show your income being credited.
  • Council Tax Statement – These are another form of proof of address. This should be addressed to your correct name and address.
  • Utility Bill – You’ll need to provide a utility bill from the last three months as proof of address. These include phone, electricity and gas bills.

Proof of Income Documents

The proof of income documents you’ll be required to provide will vary depending on how you’re employed. For most applicants, the proof of income they’ll need is super simple, but those who are self-employed needn’t worry.

  • Full-time employment – If you are in regular full-time employment you’ll only need two forms of proof of income. You will need your last three months payslips and your latest P60.
  • New Job – If you’ve recently started a job (less than a month) you’ll need a copy of your employment contract.
  • Maternity Leave – If you’re currently on maternity leave you’ll need a letter from your employer confirming your income when you return to work. Lenders will also want to see a payslip from before you left work.
  • Contractor – If you’re a contractor, you’ll need your employment contract showing your day rate.
  • Self Employed – If you’re a sole trader or in a partnership, you’ll need your tax year computations (SA302) and tax year overview for the last two years.
  • Limited Company Partner – If you’re self-employed in a limited company, you’ll need your tax year computations (SA302), tax year overview and company accounts for the last two years.

Secondary Income

If you receive any form of secondary income which you intend on using to pay your mortgage, you will be asked for proof. This includes monthly, quarterly or yearly bonuses. For bonuses, you’ll need the payslips which show the bonuses and your latest P60.

If you receive rental income you’ll need your tax year overviews and tax computations (SA302) for the last two years.

Credit Commitments

  • Credit Cards – If you have any credit cards, please confirm the lender and the current balance.
  • Personal Loans – If you have any personal loans, please confirm the lender, current balance and monthly payments.
  • Car Finance – If you have any car finance, please confirm the provider, the balance remaining, and the monthly payment.
  • Hire Purchase Agreements – If you have any hire purchase agreements please confirm any purchases on 0% that may become payments over the next two years.

Other Documents

  • Memorandum of Sale – If you’re buying a house or moving, lenders will want to see a memorandum of sale.
  • Mortgage Deposit Balance – If you’re a first-time buyer or moving home, lenders will need proof of your deposit in the form of a bank statement.
  • Mortgage Statement – If you’re looking to remortgage, you will have to present your latest mortgage statement.

 

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