Getting a mortgage after lockdown

The last few articles have covered getting a mortgage during lockdown (and demonstrated that despite this strange time, you can still apply for a mortgage from the comfort of your home using our video mortgage broker service).

So, looking ahead to life after lockdown, we thought we’d help you get ready when it comes to applying for a mortgage – in person!

Although we’re a Guildford mortgage broker we have a national base of customers, many of whom have always preferred to conduct their mortgage application remotely. However, whether you’re applying for a mortgage from afar, or seeing our team of award-winning Guildford mortgage brokers in the flesh, you still need the same documentation in order to get the process moving.

If you’re someone who’s getting a mortgage after COVID-19 has cleared, then here’s a mortgage application checklist that will help you to get organised and ensure that your application goes as smoothly as possible. If you plan to take advantage of our mortgage advice over video and apply for a mortgage during lockdown anyway, then this will still be a useful guide.

What’s even more useful is that we’ve broken it down into two parts: one for employed mortgage applicants and the other for self-employed mortgage applicants.

Essential mortgage documentation if you’re employed

1. Passport. Make sure you have one – and that it’s valid.
2. Proof of address dated within the last 3 months. Examples include utility bills, bank statements or credit card statements.
3. Proof of deposit. You need to be able to clearly demonstrate how you intend to fund the deposit using bank or savings account statements that go as far back as 6 months.  If your deposit originates from sources other than savings (for example – a gift from a relative), we will need appropriate evidence of this.
4. Last 3 months’ bank statements for your main account(s).  These should show all transactions including salary credits and bills being paid (we can accept internet statements as long as they include your name and account number).
5. Last 3 months’ payslips (13 weeks if paid weekly).
6. Last 2 P60’s
7. Proof of bonuses for the past 2 years. If you have received bonuses then this will need to be clear on the payslips.

Essential mortgage documentation if you’re self-employed

1. Passport. Make sure you have one – and that it’s valid.
2. Proof of address dated within the last 3 months. Examples include utility bills, bank statements or credit card statements.
3. Proof of deposit. You need to be able to clearly demonstrate how you intend to fund the deposit using bank or savings account statements that go as far back as 6 months.  If your deposit originates from sources other than savings (for example – a gift from a relative), we will need appropriate evidence of this.
4. Last 3 months’ bank statements for your main account(s).  These should show all transactions including salary credits and bills being paid (we can accept internet statements as long as they include your name and account number).
5. Online Tax Calculation and HMRC Tax Year Overview.  We will typically need these for the last 2-3 tax years.
6. Signed limited company accounts for the last 3 years (Limited Company directors/shareholders only)
7. Current and previous contract plus CV (contractors only)

Please remember that you can still apply for a mortgage with Complete Mortgages using the telephone, video technology and digital documentation. Simply call us on 01483 238280 or email info@complete-mortgages.co.uk to arrange a virtual appointment.  But if you’d rather wait, then at least you have some time to pull everything together.

Stay safe in the meantime.

By Mark Finnegan at Complete Mortgages