The documents you need to get a mortgage
With all of the paperwork involved, applying for a mortgage can seem like it may take forever. However, it doesn’t need to be a long and stressful process.
To help you out, we’ve put together a list of must-have documents that you’ll need for your own mortgage application when you are buying a property.
What documents are needed?
The documents you must provide to a mortgage lender include:
- Photo ID, such as a passport or driving licence
- A P60 form from your employer
- Payslips from the last three months
- An SA302 form if you’re self-employed
- Bank statements from the last six months
- Utility bills
- Proof of benefits
Learn more about essential house purchase documents.
Why are so many documents needed?Banks must be careful about who is borrowing from them when such large sums of money are involved. To make sure a loan for a property makes ‘business sense’ to them, the mortgage lender needs to thoroughly check your incomings and outgoings – such as household bills, insurance policies and childcare costs – before reaching a decision. With most mortgages lasting 25 years or more, banks also need to plan for the future. They must consider the impact of fluctuating interest rates, employment changes and how retirement, for instance, will affect your ability to afford the property in question. The documents they request from you help them to understand this.
Top tips for getting your documents in order for mortgage lenders
Be honest and accurate
Make sure all copies are certified
Required documents include
- Latest payslip (online in original file format but not screenshots)
- Self-employed people must provide last two years’ HMRC tax calculations (printed from online account)
- Declaration of any additional income, such as child benefit, child maintenance, working & child tax credits, disability living allowance (physical copies)
- Bank statements up to 6 months (paper or online)
- Evidence of deposit (paper version)
Provide full contact details.
Remember – provide as much information as you can.