Hoping to buy your first home or move house this year? WealthHub mortgage broker MB Associates explains what paperwork you need for your mortgage application so that you’re well-prepared to secure your dream home.
Navigating the mortgage application process can seem daunting, especially for first-time homebuyers. One crucial step in securing a mortgage is ensuring you have all the necessary paperwork ready.
This blog reveals the documents needed, regardless of your employment status.
Identification and Personal Information
First and foremost, you'll need to provide proof of identity. This typically includes:
- Passport or Driving Licence
- National Insurance Number
- Proof of Address (recent utility bill or council tax bill)
Credit Card Information
If you have any credit cards:
- Name of creditor e.g. which credit card company you hold the card with
• Balance outstanding
• Credit limit
Loan Information
- Details of any current loans, including car finance and zero per cent finance
- Name of the creditor with whom you hold the finance agreement
- The balance outstanding
- The monthly payment
Employment and Income Verification
Lenders need to verify your income to ensure you can afford the mortgage repayments. Depending on your employment status, the required documents may vary.
If You’re an Employee
- Recent Payslips (usually last three months)
- P60 Form (end-of-year tax summary)
- Employment Contract (if recently started a new job)
If You’re Self-Employed
- Tax Returns or SA302 Forms from HMRC (last two to three years)
- Business Accounts prepared by a qualified accountant (last two to three years)
- Bank Statements (business and personal accounts)
If you’re a contract worker, copies of your last two years’ worth of contracts, your current contract and confirmation of any forthcoming contract renewals
Proof of Savings and Deposit
Lenders will also want to see evidence of your savings and the deposit you plan to put down on the property:
- Bank Statements showing your savings history
- Gift Letters if your deposit is being gifted by someone else, confirming it’s not a loan
Credit History
Your credit history plays a significant role in your mortgage application. You may need to provide:
- Credit Report from a credit reference agency
- Explanation of any credit issues shown in your credit report
Property Information
If you've already found a property…
- Property Sale Agreement or Offer Letter
- Valuation or Homebuyer’s Report
Being prepared
Preparing these documents in advance can significantly streamline your mortgage application process. Ultimately, having a comprehensive and organised set of paperwork will help you present yourself as a reliable borrower to potential lenders.
Ready to take the next step?
You will find MB Associates on the WealthHub under Finance where you can see what member benefits you get along with more educational resources. From there, you can connect with one of the team at MB Associates who will help you through the home buying journey.
