Mortgage Applications
A quick overview of mortgage applications
The mortgage application process has multiple steps to it, beginning with an agreement in principle and ending with the exchange of contracts, after which the property is legally yours.
Find out more about what the process entails in our guide to mortgage applications.
Steps in the process
Here is a quick breakdown of the main steps in the mortgage application process.
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Applying for an agreement in principle
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Making an offer on the property
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Review and submitting all of the documents
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Appointing a solicitor
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Mortgage completion and exchange of contracts
Documents you will need
The documents you need to provide for a mortgage application are largely to prove your income and identity. This table breaks down everything the lender will need from you.
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Document Type |
Requirements & Details |
|
Passport or Driver's Licence |
You need valid photo ID as a starting point. Ensure it is in date. Having your current address listed on your licence can help avoid complications. |
|
Utility Bills |
These are acceptable as proof of address. You must provide your most recent bill. Gas, water, electricity, or any other household utility bill will suffice. |
|
Bank Statements |
Used to verify your ID, address, and finances. Lenders typically require statements dated within the last three months. |
|
Proof of Income |
Employed: You will need three months’ wage slips. If you are new to your job, you may also need your P60.Self-Employed: You need self-assessed tax return forms (SA302) and tax year overviews (requestable from HMRC), plus an accountant's certificate. |
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FAQs
Obtaining an Agreement in Principle (AiP) usually involves a "soft" credit check, which is visible only to you and does not affect your score. However, when you submit your full mortgage application, the lender will perform a "hard" credit check. This leaves a footprint on your file that other lenders can see. Too many hard checks in a short period can temporarily lower your score, so it is best to get it right the first time.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
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