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What Documents Do I Need For A Mortgage?

When applying for a mortgage it is a good idea to sort out all the paperwork you’re going to need ahead of time. We’re not going to lie – it’s a pretty boring task, but the quicker you get it over and done with, the quicker GIGLY can deliver your mortgage and you can move in to your dream home!

What you will need will depend on your specific circumstances and the lender you are going through. The GIGLY checklist is however, a good starting point from which to build on.

Identification

GIGLY carries out electronic identity checks on each applicant, but all mortgages require you to provide proof of identification and address. This is to prevent sneaky money laundering schemes. You have to show a current, valid original document – not a copy or expired version. Below are some examples of what counts as valid identification.

Photographic ID

  • A valid current passport
  • A valid photocard driving licence

Proof of Address

  • A utility (gas, electricity, water, etc) bill that is dated within the last 3 months. Note – lenders, do not accept mobile telephone bills
  • Your council tax bills for 2017/18
  • A bank statement dated within the last 3 months

Show Where Your Deposit Is Coming From

All lenders need to see where your deposit is coming from, whether it’s from your savings or a gift from someone else. Proof should be presented in the form of bank statements, lenders can be very fussy as to how these statements are presented so we recommend scanned copies that include your name and address.

You can find your bank statements by logging into your online banking and clicking ‘statements’ from the menu.

Documentation

Each mortgage is unique and will require specific pieces of evidence, so we have listed the necessary documents below dependent upon what type of work you do, and what mortgage you are looking for.

Contractor

  • A copy of your current contract
  • Three months worth of personal bank statements
  • Proof of Deposit (Bank statement showing the funds to use)

PAYE

  • Three months of payslips & your latest P60
  • Three months worth of personal bank statements
  • Proof of Deposit (Bank statement showing the funds to use)

Self Employed/Freelancer

  • SA302 & Tax Year Overviews for the last three years (Documents produced from HMRC which confirm the applicant’s taxable income for each tax year). The tax year ends 5th April each year so for mortgage applications we now need documents for 2015 – 2017
  • Three months worth of personal bank statements
  • Proof of Deposit (Bank statement showing the funds to use)

Zero Hours Contractor

  • You must have been in your current position for a minimum of twelve months and able to provide twelve months worth of payslips (or fifty two weekly payslips if you are paid weekly)
  • Three months worth of personal bank statements
  • Proof of Deposit (Bank statement showing the funds of use)

So there it is – the documents you’ll need to provide to get a mortgage. Time to start rummaging through the filing cabinet!

 

Photo by Florian Klauer on Unsplash

Mortgages For Zero Hours Contractors

‘A zero hours contract is a contract between employer and employee where the employee is under no obligation to work a minimum number of hours nor do they have to accept any work offered.’- ACAS

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