What Do I Need To Get A Mortgage?

Are looking to buy your first house or do you want to re-mortgage your home? Well this guide will take you through what you need to get a mortgage, from the paperwork to your income. Once you have made a mortgage appointment, these are all of the things that you’ll need to get a mortgage.

Personal Identification For Your Mortgage

Firstly, you should bring at least two of these documents listed so that the lenders can correctly identify you.

  • Passport
  • Photo ID
  • Driver’s Licence
  • Birth Certificate
  • Utilities bill that is less that three months old

Confirming Your Income and the Minimum Income for a Mortgage

You can confirm your monthly income by providing the following information:

  • Your recent payslip that includes the details of your last 3 months income.
  • Your account number and transaction history for the past 3 months.
  • Your tax return prepared by your tax agent
  • Letter of employment from employer.

What Income Do I Need To Get a Mortgage?

Even if you have a low income you can still qualify for a mortgage, if you have good credit history and a low debt. The question is, will the lender give you a big enough mortgage for the house you want? If your income is low, then the answer is probably no.

What If I Am Self Employed?

Your individual Tax Return for the past year.
Your business Tax Return, Profit and Loss and finally your balance sheet.

Can I Get a Mortgage If I am A Landlord?

You can get a mortgage from your rental income by bringing the following documents:

  • A lease that is signed, this can be old or new.
  • Your most recent tax return document
  • Bank statement form the past 3 months.
  • Recent rental statements
  • Estate Agency Letter

Alternative Incomes

If you gain income by other methods then you may need to bring details such as:

  • Tax return from past 2 years
  • Details of all investments
  • Statement confirming benefits from government
  • Shareholding statements

Details of Your Financial Position for a Mortgage

Listing all of your other assets and liabilities makes you more likely to qualify for the loan.

All Other Assets When Applying For a Mortgage

You should bring detailed proof of all your savings and proof of any other assets you may have, such as property assets, vehicle assets and a share investment statement.

List all of your Liabilities at your Mortgage Appointment

Listing all of your liabilities will assist the lenders in determining how much you can repay.

You should take:

  • All loan statements from the last 3 months.
  • Credit statements and store card statements.

Personal Insurance Documents You Need For a Mortgage

  • Life Insurance
  • Income Protection
  • Trauma
  • House Insurance
  • Property Investment Insurance

Can I get a Mortgage if my House is Not Built Yet?

If your house is currently under construction then you will have to bring the following:

  • Documents for the Transfer of Land
  • Detailed proof of property insurance
  • Building contract, including fixed price for builders
  • Planning permission from the council
  • Proof of all other assets.

AFP Partnership Mortgage Advisers in Shrewsbury

Taking out a mortgage will be one of the biggest financial commitments you make. So why settle for anything less than the best? AFP Partnership offer mortgage advice that is suited to you. If you are looking for mortgage advice or you would like to make an appointment with a mortgage adviser then feel free to call us on 01743 364377. We are situated in Shrewsbury, Shropshire but we carry out work throughout the UK.

Comments are closed.