Wondering what documents are needed when applying for a mortgage?
In this article, we’ll highlight the 5 documents needed to support your mortgage application.
The following documents are needed by the mortgage brokers here at LTC Mortgages, as well as the mortgage lenders.
It’s important to note that these documents must be accurate and up-to-date.
5 documents needed when applying for a mortgage
1. Payslips
You’ll be asked to send over 3 months’ payslips if you’re employed or 2 years’ tax documents if you’re self-employed.
2. Credit report
You’ll need to download a copy of your full credit report. This provides evidence of any monthly commitments and any missed payments/credit issues. Our preferred choice is Check My File, as this shows all 3 reference agents. For more information visit: www.checkmyfile.com
3. Identification documents
You’ll be asked to provide the original copy of a valid passport/driving license. This is to verify the person applying for the mortgage matches the details provided.
4. Bank statements
These are required so that the mortgage broker can assess how financially responsible you are with your income and outgoings. This shows your ability to keep on top of your monthly balance and how likely you would be able to keep up with the monthly payments.
5. Source of deposit
This is required for anti-money laundering checks so that the mortgage provider, solicitor, and mortgage broker can verify the legitimacy of the source.
Additional documents
You may also need to provide additional documents. This is to give evidence to the lender that you will be able to afford your monthly mortgage repayments,
Lenders aren’t willing to lend a large sum of money to a customer based on just a mortgage principle. For example, income and outgoings evidence will need to be provided.
Which documents will you need for a buy-to-let mortgage?
For a buy-to-let mortgage, lenders will also look at the current market to assess rental income expectations. Working with a mortgage broker here at LTC Mortgages can help ensure that you have all of the correct documentation on hand before applying and will help to make the whole application process smoother and stress-free.
Our mortgage brokers here at LTC Mortgages will guide you every step if the way.
What could stop you from getting a mortgage?
There are several factors that could stop you from getting a mortgage, some of these may include a low credit score or income. Other factors that could affect getting a mortgage could be high debts, inconsistent employment history, and insufficient down payment.
Book an appointment
Want more information? Book your FREE consultation today.
Get in touch and our Liverpool-based team can help you every step of the way.
Not local? Don’t worry, we also offer mortgage appointments over the phone or via Teams.
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Your property may be repossessed if you don’t keep up with your repayments on your mortgage.
