Before you start applying for a mortgage there is a set of boxes you will need to tick. These will satisfy the lender that you are appropriately reliable and financially stable enough to borrow the sum of money necessary to purchase a house.
- A deposit: This can, in theory, be as little as 5% of the total value of the house. However, the more you are able to contribute the lower your interest rates will normally be.
- Credit Checks: A good credit score is extremely valuable when applying for a mortgage. We would recommend using one of the online platforms to carry out your own search for free (just be cautious that the fine print doesn’t lock you into paying every month thereafter) to identify if you are considered a safe investment or a risk. Knowledge is power and the more information you have when applying for a mortgage the more seamless the process.
- Proof of Identity: Probably the easiest document, just dig out your trusty passport.
- Proof of Address: If you have been renting accommodation for some time this may prove a little difficult especially if you have moved frequently. Council tax bills or utility bills can be used as a proof of address.
- Bank statements: this proves your income and expenditure and demonstrates your ability to pay off a mortgage.