Getting Prepared For A Mortgage
After you’ve saved enough that you feel like you’re able to move forward with your Mortgage Broker in Grimsby. It is important to get prepared for the next steps, so we’ve put together some of our best preparation tips for the most vital documents.
Up to Date Credit Report.
One of the most important documents to look at is your Credit Report – more importantly, an up to date Credit Report. This is a financial snapshot in time of how you are managing your credit accounts, along with your address history and electoral roll information. It would also flag up any CCJs or defaults on any accounts.
This information can prove invaluable to your Mortgage Advisor in Grimsby with helping to place your mortgage with a suitable lender.
Proof of ID.
Photo ID is the best way for a Mortgage Broker to know that you are who you say you are – the best documents for this would be either a Driving Licence or Passport.
If you’re using ID such as a driving license, you will also have to provide a different form of ID where one of which will suffice for a proof of address, whilst the other will contribute towards the proof of ID.
If you require a Visa as a right to work/reside then this will also be needed to be provided.
Proof of Address.
Alongside a Proof of ID, a Proof of Address will also be needed. There are a lot more varied forms which are accepted such as a utility bill or a bank statement provided within the last 3 months.
Last 3 Months’ Bank Statements.
Your income and expenditures will be overviewed when your last 3 months bank statements are put forward. Therefore, it will be helpful to think ahead of take a moment to look at where your money is going. Lenders may or may not ask for your bank statements but the ones who do will be looking to make sure you take your finances seriously.
Evidence of Deposit.
The savings may be all present for your deposit but evidence will still help for the anti-money laundering purposes and will provide extra security to your Lenders knowing everything is in place. To help prepare for this, it is best to keep your finances in one place and not move them around too much as this will help the audit trail.
Proof of Income.
Proof of income will help you prove to your lenders your affordability. Most Lenders will accept 3 months payslips if you’re in employment and some may also ask for your most recent P60. Lenders will also be taking into account such things as overtime, commission, bonuses and other earnings.
If you are an applicant who is self-employed, then your accountant can help and gather up 2 or 3 years proof of earnings. We are happy to assist you if you submit your own accounts and will inform you on what you will need to obtain from the Government Gateway.
To help you get organised an easy step is to put into place a Budget Planner. It is best to include all variable aspects such as food and drink aswell as regular bills such as council tax and utility bills to help you keep track of disposable income. We will be more than happy to send over a template budget planner if you are having trouble getting started.
So, taking time out to get prepared is key and using the Mortgage Advice in Grimsby will help get your mortgage on track. The quicker you gather the essential documents the closer you will be to a successful mortgage.