As part of our expert service we work very closely with, and often refer business to, a trusted mortgage and protection company. They recently sent out some top tips on preparing for a mortgage application. We thought we would share this information, should you be considering getting on the property ladder.
8 ways to maximise your chances of getting a mortgage
1. Save the biggest deposit you can.
2. Avoid surprises by knowing your credit score.
3. Pay off unsecured debts and close any unused accounts.
4. Get on the electoral roll and update your address.
5. Avoid unusual properties.
6. Be prepared with all documents, of course there may sometimes be additional requirements but these are the main starting points which cover most lenders criteria.
If you are employed - Last 3 months payslips
If you are self-employed - Last 2 years accounts and SA302’s
If you have bonus/overtime payments - The last 3 Payslips showing the bonus/overtime payments.
Last Year’s P60’s (if been working with employer for less than a year, an employer’s contract will be needed instead.)
Most recent bank statement for all applying for the mortgage - this needs to be where your salary gets paid into. The statement needs to show your address, name and company, so you may need to order this from the bank if you only get online statements
Copy of Passports
Proof of Deposit- Do not worry about this if all your deposit is coming from equity.
7. Collect evidence of self-employed earnings.
8. Don’t chop and change your application.
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Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.