Blythe Road, Youthill Birmingham United Kingdom B46 1AF
Forces Discount: 3% in first loan
Applying for a mortgage can seem like a daunting procedure if you're considering purchasing a property. Although you'll have to fill out a ton of paperwork and supply a ton of information, being ready will make the process go more quickly.
Your base pay as well as any additional income you earn from a second job, freelancing, benefits, commissions, or bonuses will be calculated by lenders as part of your family income.
The procedure of determining affordability is much more involved. Lenders consider all of your usual home expenses and debts, including any loans and credit card debt, to determine if you will have enough money each month to pay your mortgage.
Contact the three main credit reference bureaus and check your credit reports before applying for a mortgage. Verify that there is no false information out there about you. This can be done online using either a paid subscription service or one of the current free internet providers.
One of the three major credit rating companies allows you to check your credit score:
Begin gathering all the necessary paperwork for your mortgage application. This could incorporate:
utility invoices
receipt of a P60 document from your employer as evidence of benefits
your most recent pay stubs, passport, or driver's license (to prove your identity)
The most recent three to six months' worth of bank statements for your current account; a statement of two to three years' worth of accounts from an accountant, if you are self-employed; and tax return form SA302 If you are self-employed or have income from multiple sources, you should look to include documentation with your tax return that verifies the income shown on your SA302, such as bank statements.
Be precise. Verify that the information on the application form corresponds with the papers you submit.
For instance, if your salary is different from what is shown on your payslips, don't round it up.
Give information about the estate agent, your solicitor, and the address of the home you intend to purchase.
These are the essentials; some lenders can need additional documentation.
Remember that different lenders may have requirements regarding your income and expenses.
Find out what else you might need by asking your lender or an independent mortgage adviser.
Please be aware that printed copies of your current account and utility bill statements from the internet may not be accepted.
You will require hard copies or certified copies from your utility company, bank, or solicitor.
The affordability checks mentioned above may also be required if you want to raise the size of your mortgage, and you will receive guidance on the most appropriate mortgage options.
There are more flexible options if you already have a mortgage and don't want to borrow any more money.
We will assist you with your mortgage if you come along with us.