Applying for a mortgage is stressful, but there are steps you can take to speed up the process. Long before you apply for a mortgage, you should improve your savings and raise funds for a deposit. You may be able to get help from family members or from the range of Government-backed schemes aimed at helping first-time buyers afford a mortgage.
Make sure you have as much financial support as you can muster before applying, as this will aid your application.
Collect valid documents
There is a lot of paperwork to conclude when applying for a mortgage. Knowing which documents you need to present during the mortgage application process is of benefit, as collating these documents in advance will help you complete the application process quicker.
· You should have a copy of recent utility bills, detailing your name and address
· If you receive benefits, you should present proof of benefits you receive
· The P60 form which is available from your employer
· Your three most-recent payslips
· A document that will prove your identity, such as a driving licence or a passport
· Bank statements for your current account, preferably the most recent three to six months’ worth of bank statements
· If you are self-employed, you should provide two to three years’ worth of current accounts
· If you are self-employed or receive income from additional sources, you need to provide the tax return form SA302
· Anyone self-employed should give as much information as they can alongside their tax return to support their application
It is imperative that you are accurate with the information you provide and any claims you make on the application form. Double-check your application to ensure the information contained on the documents verifies what you have claimed. Don’t be tempted to round up figures to make your application appear better; this will cause you further problems in the long-term.
It will be of benefit to include details of your address, the address of the property you wish to buy and contact information for your estate agent and your solicitor.
Be prepared to provide further material upon request
Bear in mind that some mortgage providers may request further information from you, but if you use this guide as your starting point, you should have most of what you need to complete your application. Remember many mortgage lenders will not accept copies of documents, so be sure to provide original materials or copies which have been certified by a solicitor.
Some lenders may request information as to how you spend your money, so it would be useful to have data to hand. Given that you will likely have focused on your budget in saving for the deposit, this information should be readily available for you.
Applying for a mortgage is stressful, but it is an integral part of buying a house. If you are looking to buy a property and need assistance, come and speak with Hunters Camberwell. We are delighted to say we have helped many buyers step on to the property ladder.
