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Getting Prepared for a Mortgage in Essex

Preparing First Time Buyers in Essex

So, you have saved up your mortgage deposit and are ready to make an offer on a property. The next step is to begin preparing your mortgage application!

If you are a first time buyer in Essex, you may not know how to start your mortgage application. We are here to help you not only prepare your mortgage application but to also help you get the correct documents ready to support your application. Within this article, we are going to look over the documents and evidence that you will need to support your mortgage application.

Up to Date Credit Report

It is important to obtain an up-to-date credit report during the preparation of your mortgage application. This is crucial for your mortgage application, and it is recommended that you arrange to get yours before contacting a mortgage broker in Essex. Your mortgage advisor in Essex will review your report and then pass it on to a suitable lender.

Agreement in Principle

You will need to have an agreement in principle (AIP) to make an offer on a property. As a mortgage broker in Essex, we can get you a fully credit-checked agreement in principle within 24 hours of your application. Simply get in touch with us to schedule your free callback with a mortgage advisor in Essex, and we’ll aim to turn around the agreement in principle within 24 hours after that.

Proof of ID

To confirm your identity, it’s important to provide a photo ID such as a driving license or passport. However, if you’re using a driving license as proof of address, you’ll need an alternative form of ID. Non-UK nationals working on a visa will also need to provide their visa documentation.

Proof of Address 

You will be required to prove where you live. This is usually in the form of a utility bill or bank statement within the last 3 months.

Last 3 Months’ Bank Statements 

Your bank statements reflect your income and regular expenses. Lenders can often view excessive gambling transactions, overdraft limits, and bounced direct debits negatively.

Even if lenders don’t explicitly ask for your bank statements, they want to be sure that you are financially responsible. Your bank statements should show your salary going in and your bills going out.

Evidence of Deposit

It is crucial to provide evidence of your deposit for anti-money laundering purposes when applying for a mortgage. We advise avoiding moving finances around your accounts too much, as this can complicate the process and lead to delays.

Lenders prefer to see responsible saving habits, but you still need to account for any significant recent deposits in your accounts. If you received a gifted deposit, written confirmation must state that it is a non-refundable gift.

Proof of Income

When applying for a mortgage, lenders typically request your last three months’ payslips and your most recent P60 if you’re employed. They consider regular overtime, commission, shift allowances, and bonuses, and some lenders may also take extra earnings like part-time jobs or self-employment into account.

We have worked with many self employed applicants in Essex. If you’re self employed, you’ll need to request proof of earnings for the last two or three years from the Revenue, which may require the help of your accountant. If you submit your own accounts, feel free to reach out to us, and we’ll be happy to advise you on how to download them from the Government Gateway.

Budget planner

Calculating your estimated outgoings after moving can give you an idea of how much disposable income you’ll have to pay your mortgage after regular expenses, council tax, and utility bills are paid. To assist with this, we can send you a budget planner to help you get started.

Preparing for a mortgage application can seem daunting, but with proper timing and organisation, along with a mortgage broker in Essex, you’ll be in good hands. There are several steps to follow, but don’t worry, we can help guide you through the process.

Date Last Edited: December 6, 2023

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