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Getting ready for your mortgage application

Have you read our five point checklist to ensure you are ready to apply for your mortgage?

1)    Make sure you are registered to vote.  If you have registered to vote, then you should already be on the electoral roll at your current address. The electoral roll is used by all mortgage lenders to check you are who you say you are, so they can ensure someone else isn’t using your identity fraudulently to make credit applications in your name. If you're not registered on the electoral roll you can complete a registration form online.

2)    Before you make a mortgage application check your credit file to ensure the information held is correct.  This information will be used by the lenders to ensure you are a good credit risk. These two providers currently offer a free credit report.

a.    Noddle
b.    Clearscore

 3)    Get your paperwork in order.  Your mortgage lender will request documents from you to prove incomings and outgoings.  These are some of the documents they request:

•    Your last three months' bank statements
•    Your last three months' pay slips
•    Proof of bonuses/commission
•    Your latest P60 tax form (showing income and tax paid from each tax year)
•    Your last three years' accounts or tax returns (if self employed)
•    Proof of deposits (eg, savings account statements)
•    ID documents (usually a passport)
•    Proof of address (eg, utility bills or credit card bills)
•    A gift letter. If you're getting deposit help, the lender needs to know it is a gift (not a loan), and that the giver won't part own the home.

4)    Regular payments to gambling websites are a big no-no  Unfortunately, we have seen lenders reject customers' for having regular items on their bank statements such as payments to Ladbrokes, William Hill, etc or even bingo websites.  If these types of payments are on your bank statements make sure you tell your mortgage advsior so an explanation can accompany the statements.

5)    Using payday loan companies - Already highly controversial for their high rates of interest, a payday loan could also harm your chances of mortgage success. Some lenders have changed their criteria to bar those who have taken out a short-term loan in the past 12 months.  Speak to your mortgage advisor if this affects you.

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