First time buyers - nervous mortgage queries!

JAM0915

Hi everyone, newbie here! We’re first time buyers and have found our hopefully first home. We need to look at different brokers to find the best mortgage for us, but we have worries over the unknown when going through the mortgage process! 

So I’m aware they will need 3 months bank statements, is this just for the current accounts? If there are five payments to PayPal in one day for one of us totalling £135, are they likely to want to see PayPal statements too? 
What other documents do they tend to want? What further documents do you usually get asked for? 

Thank you so much for any help, would love to understand how it works abit more before taking the plunge!

kingstreet

Three months payslips and latest P60, three months current account statements to verify income from payslips and proof of deposit. Identification and proof of address also needed. PayPal statements unlikely.

FashionHeart

JAM0915 said:

Hi everyone, newbie here! We’re first time buyers and have found our hopefully first home. We need to look at different brokers to find the best mortgage for us, but we have worries over the unknown when going through the mortgage process! 

So I’m aware they will need 3 months bank statements, is this just for the current accounts? If there are five payments to PayPal in one day for one of us totalling £135, are they likely to want to see PayPal statements too? 
What other documents do they tend to want? What further documents do you usually get asked for? 

Thank you so much for any help, would love to understand how it works abit more before taking the plunge!

3 months of Payslips, 3 months of Bank Statements (both current and credit card accounts) employment contract or offer letter of employment (only if you have just recently started a new job), P60, evidence of deposit, Proof of ID and Address (must be within the last 3 months).

Walesgirl

We use PayPal and our credit cards a lot for daily spending and didn't get asked for statements. 

we needed to give 3 months payslips, Jan-June bank statements, P60, proof of Lifetime ISA, Proof of saving account, passports, driving licence, utility bill for proof of address 

JAM0915

Thanks all for your help! Can I ask who you went with for the mortgage so I can figure out who is likely to ask for what? 

FashionHeart

JAM0915 said:

Thanks all for your help! Can I ask who you went with for the mortgage so I can figure out who is likely to ask for what? 

I use HSBC. To be honest most lenders pretty much ask for the same things when you apply for a mortgage.