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A guide to the mortgage application process to help make your mortgage application as smooth as possible

You have found the ideal home and have used our free search tool to find a financial adviser near you to source a suitable mortgage for your eagerly awaited purchase.

To help towards making your application process run as smoothly as possible, start preparing the types of documents your future lender will most likely to want to see.  Your financial adviser will help you gather the documents before submitting your case and will provide you with an exact list, but typically items for each borrower in the transaction would include:

  1. Proof of identity: This can be a valid passport or driving licence.  Please ensure your driving licence is in your current address.

  2. Proof of address: This can be utility bills, council tax bills or bank statements that must be dated in the last 3 months.

  3. Latest 3 months wage slips and latest P60: Paper or online wage slips are acceptable as long as they have your name clearly.  Self-employed applicants will need to provide accounts and/or the SA302 tax calculation – usually three years but some lenders are now accepting trading accounts for less time in business.

  4. Latest 3 months bank statements: Generally in paper format and they must show your name and current address.  Most high street banks provide access to statement copies through online banking facilities but not all lenders will accept these.

  5. Proof of deposit: This can be a savings account statement or savings book.  Your name and address must be on the document.  If you are receiving a gift for your deposit then provide a gifted deposit letter from the person making the gift.

  6. Credit report: Order your credit report and address any incorrect entries before a lender sees it.

  7. Credit debt: Start to pay down as much credit debt as soon as you can.

Once your financial adviser has had sight of the required documents then an approach to a lender to consider an Agreement In Principle will be made.  After a successful Agreement in Principal, your full application will then be submitted.

Many borrowers who decide to go direct to a lender can come unstuck and fail to achieve the result they want. Or they can incur lengthily delays because they simply have not presented the lender with the information in the right order or in a timely manner.

Preparing your documentation for a mortgage when done correctly can save a lot of time and trouble and get you to your goal as quickly as possible and that is where the help of a professional qualified financial adviser comes in.

Use our free search tool to find a financial adviser near your postcode to help make your mortgage journey as smooth as possible!