Preparing To Get A Mortgage
Whether you're preparing to buy your first home, are already invested in the property ladder or simply looking for a mortgage broker to help you, our team here at The Lending Channel are here to assist in finding the most suitable mortgage for you and your requirements. Offering impartial advice and guidance, we ensure you assess the correct type of lending for you.
To help you understand a little about the process of securing a mortgage, we have compiled this brief overview of the types of things you should be aware of and may need to produce as a part of a mortgage deal in Scotland.
Securing a mortgage
Each mortgage lender has its own criteria, which they use to assess the applications it receives. Each lender, however, will check both your income and your outgoings thoroughly. This is to ensure that you in a situation to keep up with mortgage repayments but can be a determining factor on whether the lender agrees to lend to you.
This is why we approach each enquiry on a case-by-case basis, as we understand no two people are ever in the same circumstances. By working with you and understanding your finances, we can then find the best type of mortgage that suits you, your budget, and the reasons you're looking to lend.
The evidence you'll need for a mortgage application
This again varies from lender to lender, as each may ask for different forms of documentation and evidence to support an application.
Typically, however, you should expect to be asked to provide:
- Up to three months of bank statements
- Up to three months of wage slips (sometimes also your latest P60)
- Photographic ID (such as a drivers licence or passport)
- Proof of your address (which can come from council tax or utility bills, a debit/credit card statement)
If you are self-employed, evidence may consist of a combination of an accountants reference, company accounts, a tax overview from the HMRC and SA302 document. If you're unsure whether you can provide these types of evidence, please get in touch, and we'd be happy to discuss how we can help.
Your credit report
When you apply for a mortgage, whether a first-time buyer or otherwise, lenders will often use a Credit Reference Agency, authorised and regulated by the financial conduct authority (FCA), to better understand your financial history and payment records. These are companies such as Equifax, Experian and TransUnion.
Before you begin to apply to a lender, we also recommend you obtain a multi-credit report for yourself which will give you time to address any errors, check all your details are accurate and spot any potential delays. If you're unsure of how to do this, we'd be happy to recommend the best ways to obtain a report; give us a call.
We hope the above information gives you a brief understanding of what might be asked of you during a mortgage application. As an independent broker, The Lending Channell with do everything we can to assist you in all forms of lending, whether specialist buy-to-let, short-term finance, complex mortgages or something more unique.