Once the hurdle of saving for a mortgage is surpassed, the next step with your Mortgage Broker in Derby is paperwork. Here are some of our best tips on how to get ready and ahead of the game and speed up your process.
An up to date credit report is crucial and should be one of your main priorities. By doing this there will be no surprise of finding previously unpaid payments setting you back from a successful mortgage.
Our Mortgage Advisors in Derby look at what Lender is best for you, so it’s best to make sure all your information is up to scratch so that you’re put with the one most helpful towards your current needs. Certain things you can do to help yourself is to go onto the voter’s roll and make sure that credit cards you no longer use are discontinued.
To show your Mortgage Broker in Derby that you are who you say you are, you’ll need photo ID. This can either be a Driving licence or Passport.
If your Driving Licence is being used for your proof of address, you’ll need to find another alternative for your Proof of ID. If you’re working within the country and using a Visa, then you’ll need to also provide this too.
As mentioned earlier, you will also need to provide a proof of address. This can be a Driving Licence if you’re using your passport. Otherwise, a utility bill or bank statement dated within the last 3 months will do.
The bank statements you provide validate what your income is and provides an insight to your regular expenditures. This highlights the importance of thinking ahead and choosing wisely what you’re spending your money on. Some lenders won’t ask for your bank statements, but the ones who do want to make sure you’re on top of your finances.
Your deposit is saved but you still have to provide evidence for this for anti-money laundering purposes and prove that you have everything in place for the deposit. A useful tip is to make sure your finances are stable and in one place, so the audit trail is easier to get over and done with.
To prove to Lenders your affordability, proof of income will be needed. If you’re in employment then 3 months’ payslips will most likely be sufficient, although some lenders do like to see a recent version of a P60. Lenders will also take in other factors such as overtime, commission, bonuses and earnings from other employers.
If like many other applicants you are Self Employed in Derby, then you’ll need help from your accountant who will acquire your last 2 or 3 years proof of earnings. If you submit your own accounts, then we are happy to advise you on what you’ll need from the government gateway.
By planning your budget out, you will oversee where’s best to spend your money and what is what. It is best to include such items as council tax, utility bills and regular expenditures such as food and drink to see how much disposable income you will have leftover. If you’re having trouble with this then we are able to send you a template budget planner to get you started.
So, preparation is key to getting your mortgage sorted as quickly and efficiently as possible and will be easier by using the Mortgage Advice in Derby. The quicker you put time aside to gather all the essential information you need, the easier it is to speed up the process and getting closer to gaining a successful mortgage.