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How to Apply for a Mortgage

Certain basic information is required by any mortgage provider you apply to. You’ll need proof of identity documents (i.e. birth certificate or passport) as well as proof of income (i.e. P60’s and pay slips). You will also need to disclose any standing financial obligations such as credit card debts and other personal loans.

Some lenders may also require you to bring letters of reference from your employer or landlord. For the self-employed, usually three years worth of audited accounts are the required minimum, as well as a letter from an accountant.

After you complete the application form, the lender will check your credit to assess whether you are financially sound and have no history of neglecting repayments or defaulting on loans. Your application will then be subject to a credit score to help them determine if you are a good risk for lending purposes. Every provider has their own minimum criteria that your application needs to meet in order to pass. The value of your proposed property is also considered to find out whether it’s a sound investment.

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