How to prepare for mortgage application?

madhatter83

Morning all

So we want to put our one bed flat on the market early next year and port the remainder of the mortgage across to a new property. We will be needing all funds we can scrape together for this move (I am allowing enough for stamp duty, EA fees, Solicitors ect) 

I have two questions 

Is the fact we have never missed a payment with our current provider (nationwide) - or have our current mortgage with, going to make it any easier if we stick with nationwide? (did not use a broker last time, applied through bank...)  or should we get a broker this time?

I also have to free up some funds from previous investments, and sell of some jewelry I collected over the years to help raise more funds. But i do not wish to raises suspicions - we are talking around 12-15k here for the gold - the bulk being CGT exempt sovereigns. I can sell individually and get the best price. but would I be better of to sell to one place for a lower sum so i don't have lots of payments coming in from different people?

I will also need to cash in a lifetime ISA (and pay a 25% fee) 

Otherwise we are debt free, just have the usual debits like sim cards and broadband - car is owned not financed. and generally fairly frugal  - But I know we will need to borrow very close to the limit to get the property we desire. 

silvercar

Sell the jewellery/ sovereigns at the best price, seems most sensible as you are short of cash. Keep all receipts in case they are needed as proof. It probably makes little difference, but I would be inclined to sell sooner rather than later. Normally you are asked for only 3 months bank accounts, so if the money has been in your account for longer than that, no explanation would be needed and it will just look like excess income or savings.

madhatter83

silvercar said:

Sell the jewellery/ sovereigns at the best price, seems most sensible as you are short of cash. Keep all receipts in case they are needed as proof. It probably makes little difference, but I would be inclined to sell sooner rather than later. Normally you are asked for only 3 months bank accounts, so if the money has been in your account for longer than that, no explanation would be needed and it will just look like excess income or savings.

Thanks for the reply, To get the price i need to sell to individuals via a trusted group, and so would have various bank transfers in and no receipts really, or I could sell for less to a jeweler and at least have a business account make the payment, but i would net a few hundred less at least. 

Just wondering if the lesser amount from a business account would look better, though if they ask to see six months I have plenty of transactions going in and out from various people.