Mortgage Ready

Applying for a mortgage can be confusing & scary when going it alone. Never fear though!

At Gloucester Mortgage Centre we want to make sure your mortgage process is as smooth as can be, in this article we've run through the documents you can expect to be asked to have ready to make your mortgage journey is a stress free one.

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1. Photo ID Verification.

You'll need a passport, driving license or other form of photo ID to prove identity, if you are a non UK citizen applying for a mortgage proof of right to live & work in the country will also be required. A proof of address like a utility bill or council tax statement may also be required.

2. Bank Statements.

Depending on your circumstances 1-3 months worth of Bank Statements may be required to demonstrate to the lender your regular income & outgoings. Showing the lender your in control of your finances, staying within any authorised overdraft limits and direct debit payments are paid on time are essential for showing a lender that your can manage a budget.

3. Payslips/ Self Assessment verification.

If you are employed with a regular salary and no overtime this may your latest payslip. If there is overtime, bonuses or commission expect to have the track record of these to hand. For bonuses or commission, the payslips where you are paid these amounts. With overtime, a lender will want to see a consistency or average to base their decision on. This may mean providing 3-6 months of payslips or a previous years P60.

For self employed income as a sole trader your income will be based on the figures in your Tax Year Overviews & Tax Calculations. If a limited company director, these will be wanted but also be prepared to show company accounts as some lenders will want to know the companies profit figures also.

4. Credit Report

Your credit file can be accessed by contacting the main credit agencies in the UK. Experian, Equifax or Transunion are the credit agencies that lenders use. These lenders will have details such as loans & credit card details on their files as well as your conduct with them (Have you paid on time and maintained full payments) The credit agencies will also have data provided such as defaults & CCJs which may effect which products you are eligible for.

5. Proof of Savings/ Current Mortgage Details

If you are a first time buyer we'll need to see the proof of funds and origin of these funds. If they are being gifted, who is gifting and if they would like it to be gift or a charge against the property after the mortgage. If you are remortgaging or moving home we'll need your current mortgages details to best advise. Current Balance, Early Repayment Charges & Account numbers.

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If you'd like to know more or discuss your mortgage options get in touch with a member of our team today. Call us on 0333 011 2520, email enquiries@gloucestermortgagecentre.uk or book an appointment at calendly.com/glosmortgages/