When applying for a mortgage, it's important to understand the process and all the documents needed. Lenders will assess the risk posed by applicants through the evidence provided, so all documentation must be accurate and up-to-date. Mortgage brokers and mortgage lenders will request documents from every customer for all mortgage types.

There is a list of standard documents that apply to all customers which are:

• Identification documents - This is to verify who you are and that the person applying for the mortgage matches with the details provided (original copy of a valid passport/driving licence).

• Source of deposit - This is required for anti-money laundering checks so that the mortgage provider, solicitor and mortgage broker can verify the legitimacy of the source.

• Bank statements - These are required so that the mortgage broker can assess how financially responsible you are with your income and outgoings. For example, if there are multiple gambling transactions evidenced on your bank statements this looks irresponsible to the lender, therefore can have a negative impact on your mortgage application. Self employed applicants may need to provide business bank statements.

• Payslips/P60 - Evidence of your income for affordability purposes. For self employed customers tax overviews and tax calculations will be requested.

• Credit report - This shows if you have had any missed payments, defaults, CCJs. A credit profile will also evidence any and all monthly commitments. To gain access to your credit report, visit the Checkmyfile website here

There may also be additional documents that are requested to evidence things that the lender needs, to be certain they will receive the monthly repayments from the customer.

Lenders aren't willing to lend thousands of pounds to a customer based on just a mortgage in principle. Evidence of income and outgoings will be requested by a mortgage broker and a lender, as affordability is the main aspect of a mortgage as the provider needs to be sure that the customer is able to repay the loan over the requested mortgage term.

Which documents will be requested for a buy to let mortgage?

For buy-to-let mortgages, lenders will also look at the current market conditions to assess rental income expectations. Submitting your application online or in person should be done with care - make sure all information is visible and that you have copies of all required documents. Working with a mortgage broker can help to ensure that you have all the right documents on hand prior to applying, and will help make the process smoother.

By understanding the process and gathering all the necessary documents, you can increase your chances of being approved for a mortgage. Knowing what to expect can help to ensure that applications are completed accurately and efficiently, leading to a successful outcome.

If you would like a consultation, gather the documents listed above and contact us on 0151 662 0188 or email [email protected].