>We specialised in helping our clients prepare their mortgage applications, but there are a number of things you can do to help your own preparations and speed things along.
1. Know your budget –
you can use our mortgage calculator to get an early idea of what this may be
2. Consider your deposit–
This could be through the sale of your existing home, the results of releasing capital, or from your own savings. Alternatively, as is often the case with first-time buyers, your deposit may come from a family member.
3. Check your Credit Rating–
It is a good idea to have an idea of your credit rating, and any potential factors negatively affecting your score. We will obtain your credit report if there is anything unusual in your score, and this will help us prepare your application and provide a better indication of your actual budget.
4. Get your documents ready –
It can come as a surprise to first-time buyers in particular, how many documents you will need to submit. It speeds up the process considerably if you can start collecting these together straight away. See below for a typical list of documents that you will require:
If you are in employment:
- 3 months of wage slips (must be your most recent)
- 3 months of bank statements showing your salary, and clearly displaying your name and address
If you are self-employed or the Director of a Limited company
- SA 302s and Tax Year Overviews for the last 3 years (contact the Inland Revenue for access)
Your Personal Documentation
- Proof of ID (copy of Passport/ Driving Licence)
- Address verification – Utility bill/credit card statement/ Council tax all from the last 10 weeks (clearly dated)
- Proof of Deposit (for purchases).
- If you have an existing home: last 3 months of mortgage payment history (your annual mortgage statement plus recent bank statements showing mortgage payment debits).
- Check your credit rating, if your score is less than excellent, obtain a copy of your credit report. The 3 main credit agencies are Experian, Equifax and call credit.
- Up to date information of any loans, credit cards or other finance.