If you haven’t worked with mortgages before, you should know that they can be a tricky thing for most people as they sometimes require a specialist’s attention. The mortgage process can sometimes be a daunting adventure and that’s why it could be your best option to go to Mortgage Broker in Essex.
You need specific things when it comes to applying for a mortgage, a Mortgage Broker in Essex will give you all the tips, tricks, and documents which you will need to produce in order to aid your mortgage application.
One of the main things that you will need is an up-to-date credit report. Before you get a copy, make sure that you’ve paid off any outstanding amounts in terms of mobile phone bills and instalments. Even if it is only £50, your Mortgage Advisor in Essex will require various reports with no outstanding money.
Through our first time buyer mortgage advice in Essex, we can also give you ways to improve your credit score if you have low credit, for example, one way to boost your score could be to get enrolled onto the voters’ roll.
You need to provide photographic ID to confirm who you are. Most people use their passport as their proof of ID and their driving license as proof of address. If you are from outside of the UK, you will need to provide your Visa as proof to make your application eligible.
You will also need to provide your proof of address. An original bank statement of the previous three months and/or your driving licence will do the job.
As mentioned above you cant use the same form of photographic ID for your proof of ID and proof of address.
Your bank statements should evidence your income and regular expenditures. Lenders want to make sure that you are the person who takes your financial matters seriously.
Your lenders will specifically look for gambling transactions and regular bounced direct debits. These are things that could put your mortgage application at risk of being declined.
The Bank Statements you need to produce tend to be the ones where your salary goes in and your bills go out.
You will have to prove that you have the funds for your deposit for anti-money laundering purposes. It is important that your lender knows where your money has come from.
During your application process, don’t move around your money through various accounts as it could look strange and your lender may question why you’ve done this. Always be prepared to be accountable for your extensive credits and try to build up your savings into a single account.
Nowadays it’s not unusual for part of the deposit to come from a family member or friend through a gifted deposit. If you go down this route, the donor will need to provide a piece of written evidence to show that these funds are a non-refundable gift and it is not any kind of loan.
You will also need to prove that you can afford a mortgage and all of the other costs that come with owning a home. As an employee, you will need to provide your last three months’ payslips. Some lenders would like to see you P60 as well. They will also consider any regular overtime commission, some shift allowance, or bonuses. If you have a part-time job or are a self-employed applicant, some lenders will also factor these situations into consideration.
The mortgage process is becoming more and more difficult for the self-employed. If you are self employed in Essex, you will need your accountant’s help to provide you with the 2 or 3 years proof of earning from Revenue. If you submit your own Accounts, please contact us and we will advise you what to download from the Government Gateway.
Before moving into your new house, it is imperative to determine your estimated expenses every month. This will allow you to get an idea of your council tax and utility bills plus food, drinks, and regular monthly expenditures. This can help you work out a rough monthly disposable income. This will be the amount that you’ll be left with at the end of the month for paying the mortgage.
We can send you a budget planner before we continue towards our appointment and help you with the process.
The mortgage process isn’t easy, and through our first time buyer mortgage advice in Essex, we should be able to help you through the whole process and take some stress off of your back.
If you want your application to provide you with promising results during the first attempt, you should get some of these documents ready and listen to some of our helpful tips and tricks that we have mentioned in this guide. For further queries, don’t hesitate to get in touch for Mortgage Advice in Essex today. We will be pleased to hear from you So you can get what you have dreamt of in Essex.