The Most Frequently Asked Mortgage Questions, Answered!

What Documents Do I Need For A Mortgage? 

In the UK, when applying for a mortgage, you’ll need to make sure that you have the following documents: 

• Proof of identification in order to prove who you are and where you live to the lender – this can be in the form of a driving licence or passport, your most recent utility bill, and a bank statement dated within the last three months.
• Proof of your current income, in the form of payslips (if you’re employed) or self-assessment tax returns from no later than the last two years. 
• If you have additional income sources, it is recommended that you provide any evidence to support this, such as pension payslips, P60s, or letters from HMRC if it relates to child benefits or working tax credits. 
• Proof of expenses e.g. in the form of a bank statement within the last two months. 

Can You Be Denied A Mortgage? 

The lending criteria between lenders differ from one to the next. More often than not, mortgage applications are rejected due to bad advice from a broker or approaching the wrong lender for your situation. If you need help, get in touch with us today. We have access to a wide range of products and will be able to advise you on the most suitable product for your specific circumstances.  

Can You Be Denied A Mortgage Due To Overdrafts? 

The short answer is yes – it’s not uncommon to be denied a mortgage because of an overdraft. 

The best advice from our mortgage advisors is to try and stop using your overdraft at least six months before applying for a mortgage to help reduce the risk of your application being denied on this basis.

Do You Need Three Months’ Payslips To Get A Mortgage? 

Most lenders will ask you to produce a minimum number of payslips to confirm your income, with the minimum usually being three months’ worth of payslips. In addition to this, most lenders require you to have been with your employer for a minimum of three months or be able to demonstrate several years of employment history (for example, by producing a P60). 

Do I Need My Full Deposit Before Applying For A Mortgage? 

Before applying for a mortgage, we recommend that our customers have enough of a deposit at around 15-30% of the property’s market value and evidence confirming that they have a regular income to pay for the monthly mortgage payments. 

If you’re worried that you won’t be able to meet these requirements, our team is on hand to give you expert advice. Get in touch with a member of our team today to book a consultation, or visit our News & Insights for more information.