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How to prepare for your mortgage application

1

With property in high demand and selling quickly, its vital to get yourself in a position to move quickly when you see something you want to go for.

The mortgage market is just as fast paced as the housing market so it’s important to get all your ducks in a row if you want to give yourself the best chance of landing your dream home.
Mortgage rates are changing fast due to the high demand. So what was true a week ago has probably changed at least once since then. Lenders are tweaking their lending policy and affordability calculators all the time.
Even if you have an agreement in principle that doesn’t protect you from potential changes in lending policy.
Estate agents have a duty of care to their clients to prove you are in a financial position to buy their property. If you haven’t got yourself organised you run the risk of missing out to someone who has.
Here are a few key points to think about when getting yourself ready to move quickly on a mortgage:
  • Bank statements. Most lenders or mortgage advisers will need to see your bank statements for either proof of deposit or conduct of account. Start thinking about what they look like. No missed payments and no questionable reference on payments to friends!
  • Payslips. If you are employed lenders will need to see them. At least the latest one, but we suggest having available the latest three. If you receive bonuses and they are paid annually you’ll need the last 2 years and if quarterly last 4 showing bonus payments
  • ID, you’ll have to be able to prove your name and typically a passport is the best document to have available but a photocard drivers licence is just as good as long as it has your correct address on it. Proof of address is also likely to be required, you could also use bank statements for this. Even if you no longer receive paper statements you will be able to download a PDF in the normal bank statement format.
  • Proof of Deposit. You’ll need to demonstrate where your deposit funds are coming from, if that is a savings account then have 3 months saving statements available. If it is a gift from a family member you may also need their statements or a letter confirming the gift.
  • Agreement in Principle. If done by a qualified adviser this should show you have passed credit searches and the relevant affordability calculations. It is important to get this re-checked if it wasn’t issued very recently as calculations can change.
  • Re-check the available products, make sure you are going to apply to the right lender for you at the right time. With rates jumping all over the place it is important to make sure the lender you plan to apply to still has the best deal available.
Seeking independent advice before you start house hunting is vital to ascertain your budget but in the current market you should also re-check existing agreements as things are moving so quickly.
At APR Money we offer independent advice at no cost to you so get in touch today to arrange an informal discussion to get yourself mortgage application ready!

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Date Posted

July 4, 2022

Article Category

Mortgage advice

Author

Lucy West

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