Mortgage Documents required generally

jumpjet67

Can anyone help!
I need to know what sort of questions will be asked by a building society prior to getting a mortgage.
What they might ask my employer etc.
regards
jilly

MortgageMamma

Jilly

Have you taken professional advice or approached a building society directly?

Te type of questions they ask you are basically your personal details, your past address history, your financial details,i.e. credit status. amount owed, how much you earn, what your current outgoings are etc. property details, details of the proposed purchase, solicitors details - who is looking after the legal side of things, estate agents details, so they can commission a survey on the property. TThey will ask how much you need to boroow, how much of a deposit you have, the type of mortgage you want, over how long and if you want interest only or repayment. They may write to your employer for references, and your current landlord or mortgage lender. They will want to see wages slips, bank statements, a utility bill in your name at your address (to prove you live there) and probably your passport and/or driving license.

Remember when taking a mortgage through your bank or building society they can only advise on their own products. A better option would be to see a whole of market mortgage advisor who has access to all the lenders in the UK. This way you will get a mortgage that suits your individual needs and budget.

MM

jumpjet67

thank you
Do you have an idea of what exactly they ask your employer?
My partner is being made redundant and we want to work out how much time we have to get a new mortgage on his current salary
ta jilly

AndrewSmith

jumpjet67 wrote:

thank you
Do you have an idea of what exactly they ask your employer?
My partner is being made redundant and we want to work out how much time we have to get a new mortgage on his current salary
ta jilly

If you already know about the redundancy or he is under notice then I'm afraid this will have to be declared to the lender on the application form.

Most lender's application forms have a specific queston to cover exactly this scenario.

If you do not disclose it remember that the lender can carry you any referencing it sees fit including employment referencing, where it would be disclosed by your employer. As part of the employer reference they will ask if the employee is under notice or if there is a likelyhood of redundancy.

Andy

MortgageMamma

Yes Andy is right Jumpjet, I suggest you don't even try to do this as it could cost you a lot of money if it goes belly up. Don't worry though, as as soon as your partner gets another permanent job there is nothing stopping you going for a mortgage straight away. Is there no possible way you could get a mortgage using just your own earnings?