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Complete your mortgage application with your adviser

Jun 24, 2024
Complete your mortgage application with your adviser

Once you receive your Authority to Proceed, you have three to six months to secure a mortgage and exchange contracts.

It’s important that you complete your mortgage application with your financial New Homes Mortgage Adviseor adviser to ensure everything is done correctly and that it doesn’t hold up the process.

What information do I need to provide for the mortgage application?

When applying for a mortgage, your lender will request proof of your identity and income. The following list is typically what they will request although many will do proof of ID electronically. It’s helpful to pull this documentation together ahead of making your application:
  • Proof of your identity – with a copy of either your passport or driving licence
  • Copies of your last three months’ payslips from your employer
  • Copies of your bank statements for the last three to six months
  • Copies of utility bills
  • Proof of any benefits received (if this applies to you)
 
 
If you’re self-employed, you’ll also need:
  • Statement of two to three years of accounts
  • Tax return form SA302

Should the details match the Property Information Form?

When you apply for Help to Buy, through the Property Information Form (PIF), you’ll need to provide financial information to enable the Agent to decide on your application. It’s the same with the mortgage application, as the lender will make an assessment on your financial viability to borrow the money. All the information provided to both parties should be the same.



How do they check my financial eligibility for a mortgage?

 
The mortgage lender will look specifically at your income and outgoings and whether you’ll be able to afford the monthly repayments. They will also check your bank statements to gauge:
  • Whether you regularly miss direct debits or standing orders, i.e. they bounce
  • How often you use your overdraft
  • The scale of any personal debt you have
  • The existence of any large credits that aren’t part of your salary
Therefore, it’s vital to complete the application with your financial adviser, as they will assist you in collating all the required documentation and ensure you complete it adequately to illustrate your true financial picture.
 
This guide to mortgages was produced in collaboration with L&C Mortgages, the UK’s largest fee free mortgage broker and adviser.
 

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