Paperwork for mortgage advisor - FTB...all new to me!

jetblack61

Hi all,
We've finally got our deposit together (woop!) and I've made us an appointment to see a mortgage advisor at the Britannia on Saturday. When I phoned to make the appointment, I asked about what paperwork we should take with us, but I got the impression the lady on the phone didn't really know....so I was hoping you could advise on what we should take with us.

I'm guessing payslips - but how many months-worth will they want? Is there anything else we should take too? I don't want to get there and it be a wasted journey because we haven't gone fully equipped.

Thanks in advance.

The_J

Have you found a property yet?

If not, you're getting way ahead of yourself.

JimmyTheWig

At this stage I would say all you need is the figures. They won't need to see any proof right now.
If you know what you earn then you won't need payslips.
If you know what other debts you have then you won't need to take information about these with you.
If you know that you're a British citizen then you won't need to take your passport.

If, however, you don't know how much you earn (e.g. you do variable amounts of overtime) then take your last three payslips and the advisor can help.


But please note, you are going to see a salesman rather than an advisor. It is not their job to help you. It is not their job to advise you on the best course of action. It is their job to sell you a mortgage.
If they can do you a Britannia mortgage for, say, 4.5% then they will try to sell you this, even if they themselves know you would qualify for a 4.0% mortgage down the road.

You may be better off seeing a whole of market broker, rather than one tied to a particular bank or building society. But if you think you can side-swipe their selling tactics there's no reason not to see this person on Saturday.

jetblack61

Well there are 2 or 3 on the market that would be of interest, but we haven't started viewing or anything because we don't know anything about the mortgage options or how much they would lend etc.

We're right at the start of the journey and have just been saving to get a 10% deposit, based on the value of the sort of properties we'd be keen on that are on the market at the moment.

We want to speak to the mortgage advisor for general mortgage information seeing as this is the first time for both of us and we basically know nothing about this house-buying malarky! I thought it would be good to get in and know what we're dealing with - if they, for example, say our deposit isn't enough and they won't lend us enough, then we need to know this to get on a carry on saving...

jetblack61

JimmyTheWig wrote: »

But if you think you can side-swipe their selling tactics there's no reason not to see this person on Saturday.

OH will have no problem side-swiping such tactics...he's not one for falling foul of salesman techniques... :rotfl:

ACG

3 months bank statements, 3 months payslips, ID (passport, driving license), recent utility bill, possibly a P60, if you receive any benefits then they may take copies of that.

Thats usually more than enough. There may be something outside that list but in the main that should be fine.

The_J

At this stage you should speak to a broker who will be able to give you a much better idea of what all the lenders can offer you in terms of borrowing. To be honest, I could cover it in 5 minutes with information you put on here

Age
Income
Deposit
Commitments
Children
Credit history
Property value range

jetblack61

Ok, so...
- we're 27 and 29
- joint income of around £52,000
- got £19,000 saved to date, so could use all for deposit or most for deposit and some for fess etc (think that's what we'd like to do)
- No children or debt or outstanding credit
- 1 x student loan of about £100 per month, taken direct from salary
- Excellent credit history according to experian report
- Properties we're looking at in the range of £150,000-£170,000

...does this help? We're renting at the moment, so can move to the vendor's convenience as only have to give a months notice...first time buyers so no chain at our end....do we look like a good bet?!

The_J

Very easy indeed. Start the house search and speak to a broker/do a best buy search once you've found somewhere.

ACG

Is there any reason why youve chosen Brittania? If youve done your own research and decided on that one then thats fair enough, if you bank with tham and just decided to stick with them, again thats fine but you might be able to get a better deal elsewhere.

Personally i doubt (based on the info above) you will have any problems what so ever.

jetblack61

No reason for choosing Britannia other than I have an ISA with them, I figured it was as good a place to start as any, and they could see us this Saturday! I was planning on seeing someone at the various banks we have accounts with to see what the differences were and what the advice is, and was considering a broker, but haven't looked in to that.

The idea was to just go and get some information from the banks/BS on mortgages and then we would at least know that we are in a position to start viewing properties, safe in the knowledge that we are likely to get a mortgage without any problem.

I'm very keen to ensure we've done all the correct research and we're getting the best deal, so we'll see what Britannia have to say and what they offer. I am considering using a mortgage broker, but don'e really know anything about where to start with that. I figured basic introductory info was a good place to begin this journey!

Thanks for all your advice and help - am really grateful.