YOUR MORTGAGE CHECKLIST 

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If you want to know what lenders need to know and what information you need to collate then here is our mortgage checklist 

Firstly if you want to check roughly how much you could borrow for a mortgage use this mortgage affordability calculator here. 

Then contact us for advice on specific mortgage products. Before you do this read through the information below regarding deposits and identity documents. 

 
The information you need to supply

This list will help you to gather all the information we need to progress a mortgage application. We cannot take an application forward without it.  We are happy to discuss borrowing amounts.

Proof of Deposit

Lenders need proof of where your deposit money has come from. Without this your application will be declined. In the UK due to strict anti- money laundering regulation lenders must know exactly where the funds originated. They must be certain that deposits are funded by legal, legitimate sources.

So, for example if you saved the money yourself, you need to provide saving account statements. If someone has gifted you the money, they will need to prove where they received the money from.

The paper trial is what counts and will ensure that your lender is happy with where your funds originated. The evidence you will need provide will depend on where your funds have come from.

Deposit sources which are almost always accepted are:-
  • Personal Savings

  • Sale of Property

  • Inheritance

  • Capital from another property

Other sources of deposits which are widely accepted are:-
  • Gifted – from a close family member. This will require a signed legal agreement from all parties, detailing the terms and value of the gift

  • Sales from other assets- this could be from the sale of car, valuable antiques, artwork or memorabilia, a boat or anything that you have sold in order to provide the funds for your deposit. You will be required to provide evidence of the sale.

 

Sources which might be acceptable
  • Gambling winnings- especially if you are gambling on a regular basis will not be acceptable but a one-off win would probably be acceptable by some lenders.

  • Gifts from distant relatives can be an issue for some lenders. For example, uncles, aunts, stepparents or cousins.

  • Overseas savings- you must be able to legitimately prove the source

 
Deposit sources which are generally not acceptable are:-
  • Loans from friends, employers - Occasionally there are lenders that will consider accepting under these circumstances, but you must expect extensive due diligence checks to scrutinise the source of funds and will include ID verification checks on the donor.

  • Cash is not acceptable as it is not possible to verify where the funds have come from.

 

What other documents do you need?

 

In addition, the following documents will be required, dependant on your circumstances.

Identity

  • Passport or Driving Licence

Income - employed

  • Your last 3 months payslips

  • P60 From your employer

Income – Self Employed

  • Tax return tax return form SA302 if you have earnings from more than one source or are self-employed

  • Information alongside the tax return, which supports what the SA302 says about the income, such as bank statements.

If you are in receipt of benefits

  • Proof of benefits received

 

In all cases

  • Proof of address – Utility bills

  • Bank statements – 3-6 months

 
What is the next step?

Once you have all the information together, we can discuss with you the mortgages which will best suit your needs and discuss mortgage rates, terms and monthly payments with you. And then start your application.