When you are about to apply for a Mortgage there are a few steps you can take to help present your finances and your application in the best light, this list isn’t an exhaustive list but would be buyers should keep this in mind:
1) You will need to provide upto date Photo and Address ID, ensure your Passport and Driving Licence are upto date and have the correct address on them.
2) Keep copies of Utility bills, Credit Card Statements, Insurance renewal forms as lenders will want address history in the last three months.
3) Bank Accounts, go through every direct debit and ensure that you cancel any unwanted or unused subscriptions as these will count against you for affordability. Also, try to ensure that you are comfortably within your overdraft allowance and at all costs never exceed your overdraft or have failed direct debits or standing orders. Another thing you need to mindful of is online gambling accounts, lenders will take a dim view of any regular gambling habits and this could be the difference of a decline or an approval for a new loan.
4) Payslips, all lenders will at least as you for one, ideally you want to have 3 and a current p60. Especially if you are looking to use overtime and bonuses to help your affordability and acheive maximum potential borrowing.
5) Before applying do a budget plan and have to hand all your outgoings listed against income, lenders will go through your outgoings to establish what is essential and non essential expenditure. e.g. Food Shopping, Travel costs, Social Expenditure, Credit or Loan Payments. This will give you a good starting point to establishing how much you have left each month and will help you budget for your new mortgage.
6) Have to hand all current Insurance Cover Documents and speak to your Employer to ascertain what cover and protection they cover you with through your employment. This will help your Broker establish any shortfalls and recommend the right Protection Cover neccesary.
7) Always seek Free Independent Mortgage Advice from a Whole of Market Broker, Mortgage Brokers not only have access to some of the best deals on the market they also know and understand each lenders criteria and will help tailor the right deal with the right lender.