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What paperwork do I need for a mortgage?

Navigating the mortgage application process in the UK can be a daunting task, especially when it comes to gathering all the necessary paperwork. Whether you’re a first-time buyer, moving home, or remortgaging, having the right documents ready is crucial for a smooth approval process.

This article will guide you through the essential paperwork needed for your mortgage application and how to keep everything organised. Plus, we’ll share how Sett Mortgages simplifies this process for you, ensuring you have all you need for your mortgage journey.

Understanding the mortgage paperwork

Before diving into the specifics, it’s essential to understand why lenders require so much documentation. 

Mortgage paperwork serves multiple purposes — it verifies your identity, demonstrates your ability to repay the loan, and confirms the legitimacy of your financial resources. Lenders assess risk before lending money, and your documents provide the evidence they need to make an informed decision.

 A well-prepared application not only speeds up the approval process but also increases your chances of getting a favourable mortgage offer.

A checklist of paperwork to get ready

Getting your documents in order can feel overwhelming, but breaking it down into categories can help. Here’s a comprehensive checklist of the paperwork you’ll need to gather for your mortgage application:

Personal identification documents

To combat money laundering and confirm your identity, lenders will need to see several forms of ID. Typically, this includes:

  • A valid passport or driving licence as photo ID.
  • A utility bill or bank statement (less than three months old) as proof of address.

Income verification documents

Lenders want to ensure you have a stable income to cover mortgage payments. For this, you’ll need:

  • Your last three months’ payslips if you’re employed. If you don’t have three months of payslips, sometimes documentation of previous earnings or a current employment contract could also support your application and help in getting accepted.
  • P60 form from your employer showing the last year’s earnings.
  • Bank statements of the last three to six months.

Asset documentation

Your assets can play a crucial role in your mortgage application, demonstrating your financial health and ability to manage a down payment. Prepare to provide:

  • Bank statements showing savings.
  • Investment statements if you have stocks, bonds, or other investments.
  • Documentation of any other real estate or valuable assets you own.

Self-employment documents

For the self-employed, proving a stable income can be slightly more complex. You will need:

  • Two or more years of certified accounts.
  • SA302 tax calculation forms for the last two or three years.
  • Bank statements to corroborate your income declarations.

Additional documentation for special circumstances 

Some situations require further documentation. For example, if part of your deposit is a gift, you’ll need:

  • A gifted deposit letter from the person giving you the funds, clarifying that the gift is non-repayable.

Having these documents ready and up to date can expedite your mortgage application process, making it smoother and less stressful.

How to keep your documents organised

Staying organised is key to a hassle-free mortgage application process. Here are some tips to help you manage your paperwork:

  • Create a dedicated file for all your mortgage-related documents, both physical and digital.
  • Use clear labels for each category of documents for easy access.
  • Keep digital copies of all documents as backups.
  • Update your file regularly, especially with items that change over time like bank statements or payslips.

This level of organisation not only makes your mortgage application process easier but also helps in keeping track of your financial health.

Closing thoughts

Applying for a mortgage can be intricate, with various documents and paperwork needed throughout the process. However, with Sett Mortgages, you’re not alone in this journey. We provide a detailed list of all the documents we’ll need from you right at the start, saving you time and effort. 

We understand the importance of a straightforward and efficient mortgage application process. Our team is here to guide you every step of the way, ensuring that you have all the information and support needed to secure your mortgage. 

Remember, being well-prepared with your documentation can significantly impact the success of your application. Let Sett Mortgages make your path to homeownership smoother and more manageable. Contact us today to learn more.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Author

  • Elliott Benson

    Meet Elliott, a seasoned mortgage broker with over nine years of experience in property, and the founder of Sett Mortgages. With a background as a sales negotiator and mortgage services manager, he is a trusted professional with extensive knowledge in all things mortgages. Elliott's empathetic approach and clear communication style make him an approachable expert, decoding the complexities of mortgages for clients from diverse backgrounds. He stays up-to-date with the latest trends and regulations, offering cutting-edge solutions tailored to clients' needs. Committed to their financial well-being, he guides them through the mortgage process, ensuring countless successful and satisfied clients. Elliott's passion extends beyond his practice; he's a prolific writer, sharing his knowledge and insights in industry publications and blogs. His mission is to empower others with the information they need to make sound financial decisions.

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Your home or property may be repossessed if you do not keep up repayments on your mortgage.