Secure your Mortgage using a mortgage broker. In Part 1 of our blog we looked at the mortgage market, and how a mortgage broker can help you to navigate the vast array of mortgage options, products, rates and lenders.
In Part 2 of our blog we looked at the benefits of using a mortgage broker and what they will actually do for you.
In Part 3 we’re going to look at what everyone who goes through a mortgage application will HAVE to do, and must get right. That’s providing all of the information that lenders will aski for to process and approve your application.
Without all of the information that they request, you could wind up playing email ping pong, which can be time-consuming and could lose you the deal that you have identified, and which you can afford.
Missing a deadline could cost you ££thousands over the period of your loan!
But here’s the thing. If you go it alone, you will have to provide the same (or very similar) information to every single lender that you are interested in.
That could cause you to:
- Take up hours of your valuable time
- Miss out on the deal that you’d pinned your hopes on
- Not speak to some lenders because you simply don’t have the time to.
Whilst the process for most lenders is similar, there will be differences too so you may not be able to send exactly the same information to each one, in the same format.
Frustrating right?
So what if you could simplify and streamline the process, only do it once, and more importantly, secure your mortgage!
At Liddle Perrett we will send you an initial email that clearly lays out all of the information that we will need so that we can understand you, your personal and financial circumstances and look at what’s available, and match you with potential options.
We will send you a fact finder to complete. In it we ask for:
Table of Contents
- Your personal details, address, contact details etc.
- Income details including dividends, tax credits or benefits
- Employment history or self employed accounts
- Credit history and details fo our current debts
- Household expenditure in detail
- Investment properties
- Your current home, market value, current mortgage and lender, any secured loans
- Information about your new mortgage requirements
- Your property types
- Mortgage and personal protection and insurances
- Detailed medical details and your family health
- Pastimes including any hazardous sports and hobbies
- Occupational details to assess the level of risk in your job
- Retirement plan and pension details
To support this information we also ask for the following documentation and information to helop secure your mortgage:
Proof of identification (passport)
- Proof of Address (drivers license)
- Proof of Address (utility bill or bank statement – not a mobile phone bill)
- Last three months bank statements for all accounts (business and personal). Bank accounts need to show all income in the form of salary, self-employed income, rental income and mortgage payments from investment property, and tax or benefit credits. We also need to be able to evidence all regular outgoings.
- Copy of your UK credit reports – you can get this via Experian or Equifax
- Most recent pension statements for all company & personal schemes.
- Most recent statements for all ISA’s and investments.
- Proof of deposit.
- Most recent statement for all credit cards and loans.
- Copy of any life assurance / critical illness / sick pay cover policy that you hold.
- Details of any death in service / sick pay / private medical cover provided via your employer.
- Copy of your Life Cover trust documents (detailing trustees & beneficiaries).
- Can you have a think about which level of survey you would like – basic, homebuyers, or full structural? You can see a brief description at RICS (Royal Institution of Chartered Surveyors).
- Stamp Duty Land Tax has recently changed – you can establish what will be due on your purchase via HMRC.
To support employed income
- Last three pay slips
- Last two P60’s (2021 & 2022).
- Current employment contract.
To support rental / self-employed income
- Your accountants details
- Last 3 years accounts.
- Tax calculation sheet
- Tax year overview
To support retirement income
- Last 3 months pension statement.
- Confirmation of state benefit received.
- Tax calculation sheet
- Tax year overview
To support retirement income
- Last 3 months pension statement.
- Confirmation of state benefit received.
Don’t Go it Alone: Your Mortgage Broker is here to to help you secure your mortgage
If that seems like a lot of information, it is. But remember, if you work with a mortgage broker to secure your mortgage, you will only need to do this once!
If you choose to go it alone, not only will you have to provide this information to every potential lender, but you are removing yourself from some opportunities that are not available on the high street, or directly to borrowers.
So what’s it going to be?
Liddle Perrett Disclaimer
The information provided in this article was correct at the time of publication (June 2023)
Liddle Perrett Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.