Useful items for a Speedy Mortgage
Caz Blake-Symes • August 22, 2019
Information to bring with you to your free consultation.
Useful items for a Speedy Mortgage
As part of our advice process there are a number of important documents we require from you and obtaining these as early as possible is vitally important for two key reasons. Firstly, it will help us have a full understanding of your situation meaning that we can provide you with the best possible advice. Secondly, it will ensure that once your mortgage application has been submitted it will progress as smoothly as possible. Please note we will need to have sight of the original documents and therefore cannot accept copies from you.
Identification Documents
- Government issued photo identification documents i.e. a current Passport or Driving License; or
- For non-UK nationals, your National Identity Card.
We will also need to verify your current/previous address/es, for the past three years
- A utility bill with your name and current address on and dated within the last three months e.g. gas, electric, or water bill.
- We can also accept a current council tax demand letter, or statement.
Income Verification Documents
All lenders must verify the income levels disclose to them, and this applies equally to employed, self-employed and retired applicants
Employed Status
- Three months most recent payslips, your most recent P60; and
- Three months most recent bank statements showing your salary credits.
- Details of any Death in Service or other Employee benefits.
- For Fixed term contract workers, we will require a copy of your employment contract and evidence of continuous employment for the last 12 months.
Self-Employed Status
- Three years most recent signed accounts;
- Three years most recent SA302’s and Tax Year Overview’s which are requested from the HMRC or via your online HMRC account;
- Three months most recent business bank statements; and
- If you also receive employed income e.g. a director’s salary, you should provide the relevant documents listed within the employed income requirements above.
Retirement Status
If you are currently in receipt of any pension / annuity income we will require:
- Three months most recent bank statements evidencing these payments. If the payments include anything other than your State Pension then we would also require:
- Your most recent pension statement; or
- Your most recent P60.
As a minimum we will require:
- Three months most recent banks statements evidencing receipt of rental payments; and
- Current tenancy agreements e.g. Assured Shorthold Tenancy (AST).
Benefit Income
As a minimum we will require:
- HMRC tax credit award letter or DWP child benefit letter (all pages); and
- Three months most recent bank statements showing receipt of these payments.
Current Credit Commitments
In addition to your income, the lender will need to have a full understanding of your committed expenditure. We therefore require full details of all your current credit agreements which will include any:
- Credit Cards, Store Cards, Personal Loans, Secured Loans, Pay Day Loans (taken out in the last 24 months), Residential and Buy to Let Mortgages and any other credit commitments.
- We will also need to gather full details of your other committed expenditure including such items as:
- Child care costs, School fees, maintenance payments etc.
Current Protection Arrangements
Please provide us with full details of your current protection arrangements, this should include:
- A copy of your current Buildings & Contents Policy;
- Details of any life insurance, critical illness or income protection policies you may have; and
- Details of any employee benefits such as sick pay and death in service schemes.
The requirements here will depend upon the source of the deposit. The most common sources of deposit and their associated documentary requirements are listed below:
- Personal Savings – copy of savings book or three months bank statement showing the full amount of the deposit;
- Gifts – full details of the person(s) gifting the funds, their relationship to you and where these funds originated. The person(s) providing the gift will also need to sign a letter confirming the amount and on what terms they are making the gift;
- Sale of previous property – full details of the property sold and bank statements showing receipt of the sale proceeds;
- Inheritance – full details of whom you received the inheritance from, their relationship to you and a copy of will, signed letter from solicitor, Grant of Probate or letter from Executor;
- Sale / maturity of investments – full details of the investment(s) including a statement of maturity / encashment documenting the funds to be received and copy of the bank statements showing receipt of these funds.
In order to ensure your mortgage application progresses as smoothly as possible we will need the following documentation in original format .
- For personal identification: Photo ID in the form of a passport or driving license.
- For address identification: A utility bill dated within the last three months showing your name and address. eg. Gas / electric / water /council tax etc. This is ok if from the internet but must show the http:// address.
- 6 Months bank statements showing salary credit. This is ok if from the internet but must show the http:// address and your name account number and sort code.
- If employed: Latest P60 and 6 months’ pay slips.
- If self-employed: Last 3 years (if you have 3, if not what you do have) original signed accounts. Last 3 years SA302’s and tax overviews. (Please ask for more details).
- A list of all credit agreements you have to include, credit cards, loans and mortgages.
- Your address history for the last 3 years with the full address and when you moved in and out of each address
- Details of any life insurance, critical illness or income protection policies you may have.
Normally the better we prepare for your application the smoother the process seems so please help us to help you! Thank you for your assistance.
For more information or help please visit one of our websites or contact us
www.bristolmortgagesonline.com 0117 325 1511 email info@swmortgages.com
www.bathmortgagesonline.com 01275 584 888 email info@swmortgages.com
www.exetermortgagesonline.com 01392 690 888 email info@swmortgages.com
Saving for a house deposit remains the single biggest hurdle facing first-time buyers in today’s property market. As a result, more parents and grandparents are searching for ways to step in and give the next generation a head start. The good news? If you’ve built up equity in your own home over the years, you may be able to support your child without having to drain your cash savings or liquidate investments. 4 Main Ways Families Can Help First-Time Buyers 1. A Cash Gift (Gifted Deposit) This is the most straightforward route. You provide funds directly to your child to put toward their deposit or purchasing costs. • What lenders require: A signed gifted deposit letter confirming that the money is an absolute gift with no expectation of repayment, along with proof of funds showing where the money originated. 2. Releasing Equity From Your Own Home If your capital is tied up in your property, a remortgage or a further advance allows you to unlock cash built up in your home equity. You can then use these released funds to fund your child's deposit without dipping into your emergency savings. 3. A Joint Borrower, Sole Proprietor (JBSP) Mortgage A JBSP mortgage allows you to add your income to the mortgage application to boost your child's overall borrowing power. • Key benefit: While you share responsibility for the monthly mortgage repayments, your child remains the sole owner on the property deeds. This avoids triggering additional Stamp Duty costs that usually apply when purchasing a second home. 4. Family-Assist or Springboard Mortgages If you prefer not to give money away permanently, a family-assist mortgage lets you place savings into a linked collateral account or secure a portion against your property equity. • How it works: Your savings act as security for your child’s loan for a set term (typically 3 to 5 years). Provided all mortgage payments are kept up to date, your money is returned to you at the end of the term. What Lenders Will Look For When submitting a mortgage application involving family help, lenders will carefully inspect the source of funds to satisfy UK anti-money laundering regulations: Gifted Deposit Letter Signed declaration stating the cash is a non-refundable gift. Proof of Funds Bank statements showing the accumulation or source of the capital. Overseas Documentation Extra verification and audit trails if funds originate from family abroad. How Bristol Mortgages Online Can Help Navigating family mortgages and equity release requires choosing the right structure for both your family's finances and your child's long-term independence. Whether you want to explore remortgaging your home to release funds or structure a Joint Borrower, Sole Proprietor arrangement, our specialist, Phil Clark, at Bristol Mortgages Online, guides you and your child through every step of the process. Ready to explore your options? How to Contact Us for Advice Phil Clark will personally deal with your enquiry Tel 0117 325 1511 Email info@swmortgages.com Complete a form via our website www.bristolmortgagesonline.com Please remember: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE • #BristolMortgagesOnline • #BristolMortgages • #BristolMortgageBroker • #Remortgage • #RemortgageAdvice • #MortgageBroker • #helpfromparents • #equityrealease • # gettingonthepropertyladder
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