What documents do I need for a mortgage application?

As one of the top things that could slow down your property purchase, the average mortgage application can present several stumbling blocks if not managed as efficiently as it should be. From lender service levels and their underwriting process to your personal circumstances and credit score, there is a lot that can get in the way!

In theory, formally applying for a mortgage should take as little as two weeks, with the use of a mortgage broker (like us) recommended to keep the whole process on track. Here the HomeOwners Alliance details why using a mortgage broker is such a huge time (and money) saver:

“That’s because not only will they do the hard work of shopping around to find you the best deal, they also know the specific criteria each lender looks for. So they can match you up with the lender that is most likely to accept your mortgage application. Using a mortgage broker can considerably cut back on the time you’ll spend doing your own research and having to make appointments with or speak to individual lenders directly.”

Whether you’re calling on a mortgage broker for support or not, getting your ducks in a row with the right documentation will also keep things moving in the right direction. To help you on your way to doing just that, we’re here to share the documentation you’ll need to get through your mortgage application.

Proof of name and address

Let’s start with the basics – you’ll need to supply proof that you are who you say you are as well as proof of your current address. There are several types of identification that are accepted for a full UK mortgage application, including your driving licence (this must be a full, valid and UK photocard licence) and passport. An EEA/Swiss National Identity Card is also acceptable proof of ID.

Lenders will require proof of address too. This can be provided as a council tax bill, bank or credit card statement, utility bill (electricity, gas, water or phone), mortgage statement or tenancy agreement. Any bills provided as proof of current address must be recent.

Proof of income and expenditure

Your incomings and outgoings will be analysed in great detail when processing your full mortgage application. Any would-be lender will want to see that you can comfortably afford your ongoing mortgage repayments, and they’ll do this by taking a closer look at your bank statements.

In addition to examining your monthly income, lenders will dig deeper into how you spend your money. What proportion of your income is dedicated to living costs (including childcare and travel expenses), utility bills, regular subscriptions, insurance payments, and debt repayments?

You’ll need to provide further proof of income, including any bonuses, commissions or overtime earned, in the form of payslips or P60s if you are employed. Self-employed applicants will need to provide tax calculations or certified accounts as evidence of earnings for a period covering the last two years or more.

Proof of mortgage deposit

You’ll have mixed feelings about saying “goodbye” to that meticulously saved mortgage deposit, but before you do wave farewell, you’ll need to prove that your deposit is available and ready to go. Being able to prove the origin of said deposit is just as important to your potential lender too.

If your deposit is coming from personal savings, you can do this rather easily by providing bank statements. Alternatively, if all or part of your deposit is being gifted by a generous loved one, your solicitor or conveyancer will organise documentation signed by the donor as confirmation of this non-refundable, unconditional gift.

Whatever stage of the home buying process you are at, we are here to help. Call our independent mortgage advisors today for advice and assistance.