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Don’t get delayed – how to prepare your mortgage paperwork

28.01.17

If you’ve made the decision to buy a property, especially if it’s your first, you may have heard rumours about how difficult it is to get a mortgage.

At Coreco our main goal is to make the mortgage process easier, and this article explains the basics of the paperwork you’ll need:

  1. Proof of your address
    This naturally applies to the address you live at since you haven’t moved into your new house yet. It could be from a utility bill or a bank statement. It can’t be a handwritten letter from your grandmother, sadly.
  2. Sight of your passport
    This one is pretty obvious, just make sure your passport is in date and that it’s definitely you in the picture!
  3. Three months of payslips
    This is applicable only to those who are in full time employment, of course. If you’re a freelancer then you will need different documents, a list of which you can find here .
  4. Three months of bank statements
    This is essentially to prove you are indeed getting income, among other things. Again, the situation differs if you are self-employed.
  5. Proof of Deposit Monies
    If this isn’t evident in the bank statements you have submitted already, you’ll need to show proof that you have the money for the deposit.
  6. Any existing loans/debts
    Lenders will want to know as much as they can learn about your financial situation, so be prepared with details of any debts you have, including credit card bills and even student loans. Being in debt doesn’t mean you can’t get a mortgage, of course, but lenders still need to see. Presumably if you’re carrying around credit card debt figures that rival most premiere league salaries, then you’re not looking to buy a house!

There is, of course, a lot more to getting a mortgage that just having these documents. However, we can tell you from experience that if you have these documents prepared in advance, then your application will go much more smoothly!