What documentation will I need to provide during the mortgage application?

The documentation to support an application does vary between mortgage lenders but as a general guideline you may be asked to supply the following documentation:

Income Verification
* If you are employed: last three months payslips.
* If you are self-employed: last three years profit and loss statements or tax returns.
* You might be able to include additional income into your mortgage application, including regular overtime bonuses, commission, income from savings or investments, social security and any other benefits.

Asset Verification
* Details of your bank and building society accounts including bank account numbers, bank branch address, and current account statements for the last 3 months.
* Details of savings bonds, stocks or investments and their current market values.
* Details of any significant assets that you own (egg car or second home).

Your debts
* Details of balances on any credit cards.
* Details of personal debt situations including HP, car loans, student loans and other personal loans, with names of the loan providers.
* Documentation to prove mortgage and/or rental payments
Details of child support or divorce settlement contributions
Information about the proposed property.
* Details of the proposed property. At this stage a copy of the Estate Agents particulars will usually suffice.

If you have no established credit history because you have never before had a loan, credit card, or other form of finance - you will need to prove your ability to pay on time with evidence of paid utility bills and proof of other frequent obligations like rent payments.

You may also be asked to provide proof of where you got your deposit from. If the money was a gift i.e. from your parents, you may need to provide a signed letter confirming the gift.

If you can supply all the items, the mortgage application process should go through easily. Most of the delays that occur with mortgage applications occur because the borrower is slow with or unable to provide the correct documentation.