For your information we outline some of the information your mortgage lender may request from you through your mortgage broker, why these items are being requested, and what you need to provide.
Mortgage Documentation – Identification
If asked for identification, you will be required to produce your current passport or photo card driving licence. Your driving licence should be accompanied with the paper counter-part. If you are on a temporary visa, this will need to be evidenced in your passport, or on separate Home Office paper.
Mortgage Documentation – Proving Income
When proving income, the lender will ask for wage slips if you are employed.
You will need to provide three months’ wage slips if you are paid monthly, or eight weeks if you are paid weekly. The lender may also ask for your most recent P Sixty. Where you are in receipt of bonuses, more than one year’s P Sixty may be requested.
If you are using State benefits to assist your mortgage application, evidence of this will need to be provided. If these are tax credits, the full eight page annual statement needs to be produced. Where maintenance payments are received, lenders will want this to be under court order, or CSA agreement, and evidence should be produced.
For self-employed applicants will be asked to produce either self- assessment tax returns, full accounts, or a reference from a qualified accountant. Accountant’s references need to be set out in a certain way. The format is prescribed by the lender and the lender will not accept any deviation from this.
You may be asked to produce your last three months’ personal bank statements. If these are internet generated, you will need to have them stamped in your local bank branch as authentic.
Mortgage Documentation – Proof of Residency
If you are asked to prove your residency, this can be in the form of a bank statement, credit card statement, or utility bill that is dated within the last three months. This item should show your name and address clearly. One item can only be used to validate one person’s address. Therefore if you have a joint bank statement, this will be satisfactory for one applicant but the other applicant will need to produce an additional item.
Mortgage Documentation – Proving Deposit
If your deposit is sizable the lender may ask for proof of the source of the deposit. This is due to money laundering regulations. Proof requested would typically be bank statements. Where the deposit is coming in the form of a gift, the donor will be asked to provide a gift letter stating that they have no claim on the property.
Lenders will expect you to provide everything requested before you receive your formal mortgage offer. Therefore you should help us to help you by producing everything exactly as requested, and in a timely manner.
Our experienced team is waiting to assist you with your mortgage application – contact us now.
