Applying for Mortgage

Kez1983

Hi!

Hopefully I will be applying for a mortgage next week (if my offer is accepted!!) and as I have never done this before I want to be as well prepared as possible to make it happen as quickly as possible!

I have a mortgage in principal but obviously I need to apply for the real thing! What documentation will I need? What else will I need? I assume proof of income but have no real idea what else!

I am terrified about making the biggest purchase of my life, but soooo excited too!! :T

Thanks!

_Andy_

Depends on lender and your situation but normally 3 months payslips, 3 months bank statements, passport/proof of ID and residence.

herbiesjp

Money to pay for the valuation

Have you decided which one you are going for? Basic mortgage valuation or Homebuyers report?

Kez1983

Homebuyers. I would never forgive myself if I only got the valuation and there was something major wrong that I could have avoided for an extra 160 quid!

VIGILANT22

Kez1983 wrote: »

Homebuyers. I would never forgive myself if I only got the valuation and there was something major wrong that I could have avoided for an extra 160 quid!

What a breath of fresh air you are....being sensible about things...good luck ...:)

Kez1983

Ive thought things through a million and one times, and tried to get as much advice as possible! Although i'm sure there will be things that occur I'm not prepared for!

Am also trying to stay as calm and level headed about it all as possible, although there is that little voice in the back of my head jumping up and down screaming with excitement! :rotfl:

hugheskevi

You might well also be asked for evidence of deposit (printed statement), if the funds are not held with the mortgage provider.

Also have your employer address and contact details of your HR department. And take your solicitor's contact details.

If it is a joint mortgage your partner will have to provide similar.

Decide in advance if you want to purchase insurance from the mortgage provider, as that will come up. Also decide if you want fees added to mortgage or paid separately (depending on what is offered).

firesidemaid

hugheskevi wrote: »

You might well also be asked for evidence of deposit (printed statement), if the funds are not held with the mortgage provider.

Also have your employer address and contact details of your HR department. And take your solicitor's contact details.

If it is a joint mortgage your partner will have to provide similar.

Decide in advance if you want to purchase insurance from the mortgage provider, as that will come up. Also decide if you want fees added to mortgage or paid separately (depending on what is offered).

yes, you will have to arrange buildings insurance for/from exchange date - but solicitor will prob help with this.

have you chosen a solicitor / conveyancer yet? have you had a second/third look at the property (?old/new) and do you have any questions so far that you might want to ask?

Kez1983

Mortgage is with my bank so no probs with proof of deposit, and am going solo so no need for any joint proof! Bank have already said fees have to be paid up front coz its a 90% LTV but thats not an issue.

Not contacted a solicitor yet, but have the details of a local one my friend used and reccommended, but intend to have a ring round for quotes on monday just to make sure!

Went for another viewing today to be sure before I offer! Not sure on what to offer though, is a reposession, but in fairly good state, been on the market since aug (ish) with one agent, went on with another agent this week. Price is £64995 (so rather cheap anyway!!). Any advice?

VIGILANT22

Why have you gone to a bank? and not taken advice from an adviser who covers the whole of market? Was the mortgage advised or information only?

Kez1983

I went to an advisor and this came up the best, just happened to be with my bank!