Mortgage Document Prep: Important Strategies for UK Homebuyers

Mortgage Document Prep: Important Strategies for UK Homebuyers

Applying for a mortgage is a meticulous process, and many documents are required to submit alongside your application. Preparation is important and will also help you determine the right budget for your property.

Here is our list to help you understand which documents a lender requires

Bank Statements – usually you will need 3 months or more of recent bank statements, and corresponding payslips to show income in your account. Another reason that lenders want to see your most recent bank statements is to see if you make regular outgoing payments on time.

Payslips& Other Sources of Income – a lender will also want to see your payslips if you are in employment, this would usually amount to three or more months. You will also need to provide your Tax Summary and P60 if you also get regular commission or overtime. If, however, you are self-employed, a contractor, or have a complex income, dependent on circumstances, the lender could ask to see sources of income, such as employment contracts, business bank statements, and business accounts.

ID – lenders will also need to see your IDs, such as your passport, driving license, and utility bills in your name to verify your identity.

Deposit – nowadays you will also need to verify the source of your deposit. If you have saved this over time, then the lender will request to see your bank statements. Otherwise, if a loved one is offering financial assistance in terms of deposit, they may request to see their bank statements as well.

Additional Documents – the lender may request additional documentation from you, this is dependent on circumstances and could range from residential paperwork, income sources, and any outstanding debts. 

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