Congratulations! You’ve found the perfect house. You can just about afford it, and you’re ready to apply for a mortgage. Now, you’ll need to make sure that you have the required information before approaching a mortgage provider.
Ready For Your Mortgage Application?
Proof of identity and address
To prevent fraud and money laundering, your mortgage provider will ask to see proof of identity and address. You will typically be required to show a combination of the following documents, with at least one form of photo ID.
- Driving Licence
- Council Tax Bill
- Utility Bill
- Financial Statement
Proof of income
As well as establishing who you are, your mortgage provider will also want to establish that you are receiving the same level of income as you claim on the mortgage application. If you work for an employer, you will normally need to show your payslips for the last three months. If you’re self-employed, your earnings may fluctuate over time. Because of this fluctuation, you will be asked to provide your full accounts for the past two years so that the mortgage provider can establish your average earnings.
Proof of deposit
Finally, the lender will want to see proof that you have the funds to pay the required deposit. The money should have been in your account for at least 90 days before the application is made and you should be able to provide the source from which the funds were received. These checks are designed to prevent money laundering and fraud.