Mortgage applications - the documentation you need.

Mortgage products, as demonstrated by Atom Bank recently, can come and go very quickly. That is why it is important to be prepared before you start your mortgage search so that, when the right one is found, you can act quickly before it disappears.

Buying a property can be a lengthy process and preparing the paperwork before you start your mortgage search, helps to smooth the way for your application. Consequently, you can eliminate the possibility of any delay by collating the paperwork needed in advance.

Deal Direct provides a full list of the documents we ask for when you work with us, so you can be one step ahead in the application process.

To progress your mortgage application, Deal Direct require:

1 x Proof of ID

• Valid UK passport
• Valid non-UK passport with rights to reside (if applicable)
• Full UK driver's license - registered at your home address

1x Proof of address

• Household utility bill dated within the last 3 months e.g. water/gas/electric (not a mobile phone bill)
• Latest annual Council Tax Bill
• Driver's license (if not used for ID)
• Bank statement dated within the last 3 months (showing name and address)
• Credit card statement (dated within the last 3 months)

Proof of income

• Latest 1 month’s bank statement (e.g. 15th to 15th) - Must show your name and salary credit, personal and household expenditure
• Latest 1 months payslip - Needs to show your and your employer's name  
• Latest 2 years SA302 or tax calculations (showing 100% completed), plus corresponding Tax Year Overview

Proof of deposit

• Latest copy of your bank statement where funds are held and showing your name

An important note about your credit check:

When you apply for a mortgage, the standard practice is for lenders to run a credit check to evaluate the level of risk involved in approving your loan. What you may not be aware of is that before completion, some lenders could run a second credit check. This means that if you have taken out any additional form of or credit or loan after your mortgage was approved, this could lead to the lender revoking their offer. If this happens after contracts have been exchanged, the purchase could fall through, which in turn means the loss of your deposit. 

Our advice is to avoid taking on any further debt between receiving your mortgage offer and the completion of your house purchase and to speak to one of our experts here at Deal Direct for further information on second credit checks. 

Don’t miss out on the ideal mortgage product for you and use our guide to prepare your documentation in advance.

For more information on current mortgage deals, contact Deal Direct on 0800 048 8828.