Key Post: Mortgage documents requirements.

[Marge01]

Could anyone tell me whta documents the bank will require when looking for a mortgage.
WE are planning on going for a house at the begining of next year but as my boyfriend is going back to college we are afraid they will not give us the amount e want.
We could afford the repayments on my salary and he would be returning to work next June.Would they just look at his P60 or would they want updated payslips??
Would we be better going for a mortgage while he is still in work?
Cheers.

 

[Maceface]

They will want more

They will want payslips as well as your P60. They will also want you to get a letter signed by your jobs saying how much you earn.
Also, if there is a large time between the time you are approved to the time you close, they may want updated payslips as well.

 

[Elcato]

Re: They will want more

Recently I was asked for the following :

1) Bank statements for the last 3 months

2) Payslips for the last 3 months (give or take a month)

3) Proof of savings (deposit) showing you to keep steady enough payments

4) Proof of ID (Passport, drivers license)

5) Proof of current address (utility bill)

6) P60

 

[Paul MacPiarais]

Re: >>Mortgage documents requirements

Banks require a salary cert confirming salary and that he is in full time employment.

Added to Elcato's list above, we would ask for Loan Statements. Any loans you may be paying off (e.g. car loan) can seriously influence how the bank views your repayment capacity.

Also, have you received approval in principal already? This can last from 3 to 6 months depending on the bank and they may or may not ask for updated payslips. Finally, is your boyfriend guaranteed to go back to a job paid the same amount as when you were approved and are you sure there will not be undue strain on your repayments? Banks have lending criterea for a reason too...

Paul MacPiarais

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