Advice from a Mortgage Broker – Preparation is Key

Wednesday, November 25th, 2015

Applying for a mortgage can, at the outset, sometimes appear to be quite daunting.

Last month, here at Caboodle Finance, Birmingham we looked at credit reports in the context of anything that might be construed as detrimental to a mortgage application so, this month we focus on the documents that will be required as part of any application process in order to give you the best possible chance of getting approved.

Typically these would include:

  1. Proof of ID – Check your passport and driving licence are in date and show the correct name & address. If you have married recently the lender may want to see your marriage certificate too
  2. Proof of Address – Keep some recent utility bills (dated in the last 3 months) to evidence your address. Other items such as Council Tax Bills and House Insurance Certificates can sometimes be accepted
  3. Bank Statements – Mortgage lenders will want to see your last 3 months bank statements to evidence both your income and regular outgoings. Online statements are fine in most instances as long as they are printed from the bank website and show your name and address
  4. Proof of Income 
    • Employed applicants – Keep your latest 3 months payslips and most recent P60. You may also need to provide additional payslips to evidence any annual bonus, commission or overtime you receive.
    • Self-employed applicants – If you have them you may be asked to provide anything between 1 and 3 years’ accounts. Some lenders may also request your HMRC Tax Year Overviews and SA302’s. These official documents can take 10-14 days to arrive in the post from HMRC, so we suggest that you or your accountant register on-line with HMRC before applying for a mortgage, you can then download the documents in around 30 seconds!
    • Other income – If you receive income from investments or pensions then you might be asked to produce annual statements to evidence the amount involved. Likewise, if you receive any benefit income you may be asked to provide your entitlement letter to confirm the amounts payable.
  5. Proof of Deposit – You will need to provide statements to show your deposit has been saved over a period of time. Alternatively, if the deposit is being gifted by a parent or close family member then the lender may require a certificate or letter from them to confirm the monies are being gifted without any reservations or claim to the property.

A Mortgage Broker can help…

If you are struggling to get your documents together in readiness for a mortgage application and need some help, or if you need some advice regarding any of the requirements then speak to an expert.

At Caboodle Finance, Birmingham we know the various criteria in depth and will be able to guide you in the right direction, so call today on 0121 308 9114 or just click HERE to contact us by email and we will be delighted to help guide you through the application process.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

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