Purchasing a property is an important step in life and seeking the help of a mortgage advisor will ease you through the process. Before they can help, however, you will need to provide them with information and documentation so that they can do their job.
Why preparation is important
Providing documentation relating to your personal circumstances helps the advisor get an idea of your financial situation and the kind of mortgage products which will be suitable. First of all, you need to find a suitable advisor, preferably one who knows the local market. For example, if you are looking for mortgage advisors Gloucester, you will find them online at sites such as https://www.geniusma.com.
Your advisor will tell you what documentation to bring to a meeting, but here is a quick briefing.
What you need to take with you
First of all, you will need photographic proof of identity, such as a passport or driver’s licence, and evidence of your current address, which can be a utility bill or bank statement from the past three months.
Next you will need proof of your income, either six months of pay slips or if you are self-employed, your last two years’ worth of SA302 forms along with Tax Year Overviews. These will evidence your tax record and income. If you are a director in a limited company, you will also need your tax records so that your income stability can be assessed.
You will also need to provide proof of deposit since lenders need to satisfy anti-money laundering regulations. This is important since money will be transferred into conveyancers’ accounts and if they have any doubts about the origin of the deposit, they are required to provide a report to the National Crime Agency
Bank statements going back six months are useful too as they show regular income and outgoings. Bring statements for all of your accounts, including a mortgage statement if you have a current loan.
Your advisor will suggest any other documents they need to see.
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