1st Time Mortgage Applicants - Advice Needed

leew

Hi all,

Me and my partner are viewing a couple of properties within the next week or so but have yet to sort out anything to do with a mortgage!

We will be making an appointment very soon though and we were wondering what you have to take to show them in order for a decision on how much we can borrow.

I did a quick search but couldnt find what i was looking for although the question probably has been asked x amount of times before!

Thanks in advance and as you may be aware we have not a clue about all this being 1st time buyers and all that!! so any 'pointers' greatly appreciated too.

Trying_to_be_good

I would make sure you have
the last 3 months' pay slips for both of you,
details of any other loans/credit card/store card debts you have and how they're being repaid (including student loans)
details of other items from your budget (e.g. utility bills, TV licence etc)
details of pension contributions and and life cover you already have

And before you go make sure you've already worked out whether you're paying equal shares into the property and how much you think you can afford each month.

leew

Thanks :beer:

Only one i can see trouble with is the payslips, get paid weekly and shred them almost immediately!

chriz1000

Why on earth would you shred your pay slips? I thought most people kept at least 3 years worth just in-case you get audited by the Inland Revenue, need to prove your income for one reason or another (as you are going to have to do with your mortgage) or have any disputes/queries about your pay. I strongly suggest you start saving them somewhere safe. You can ask your company for new pay slips but they may charge you for them, as they may pay the book keeper per pay slip produced.

UK007BullDog

Have you got your P60's?

Have you got your bank statements of the last 3 to 6 months which can show your income being paid into your account?

If you cannot prove your income you cannot have a mortgage.

You could try getting a self cert mortgage but even those the lenders now want proof of income and as you are employed you should have payslips or a P60 to prove income, so then you dont really need or are elegible for a self cert.

You need to keep your payslips. I kept all of mine from the first day I ever worked along with the P60's. Just in case one of the many government computers ever crash or their information storage gets corrupted and lose all info on my past incomes. That would scare the hell out of me. But you definately need to keep your P60's and P45's.

chriz1000

Lee a self cert mortgage certainly isn’t suitable for your needs as you’re not self employed.
What’s the point in a self cert mortgage if you’re not certifying your own income!? I know a fair few products on the market that don’t require any proof just an income figure and a declaration from your accountant stating you are self employed.

becky2011

Maybe your employer could give you copies of your payslips?

UK007BullDog

chriz1000 wrote: »

Lee a self cert mortgage certainly isn’t suitable for your needs as you’re not self employed.
What’s the point in a self cert mortgage if you’re not certifying your own income!? I know a fair few products on the market that don’t require any proof just an income figure and a declaration from your accountant stating you are self employed.

Chriz1000
He did not say he wants to go self cert. I mentioned it and told him not to bother.

The lenders have now pulled up their compliance and ask for proof of income. If there are still lenders out there not asking for proof they are sailing close to the wind to say the least.

He might be able to get substitute payslips. Weekly paid need up to 12 payslips. even if he gets substitute payslips the lender might still want to write to his employer asking for income.