If you’ve been on a mission to save money and you’re finally in a position to start talking to a broker, the excitement may fade when you realise you have yet to go through the daunting task of trying to get a mortgage. You’ve probably also heard from every Tom, Dick, and Harry that buying or moving house is one of the most stressful things you’ll ever do, and while we appreciate this can be a stressful time, there are things we can all do to make this process a little easier.
Firstly, preparation is vital. If you’ve got the relevant documents ready for your first appointment, this will save time and means your broker can get the ball rolling as soon as you’ve been in to see them. Three is the magic number when it comes to mortgage applications, you’ll need three months’ bank statements, and three months’ payslips (along with details of overtime, bonuses, or commission). You’ll need two years’ worth of accounts if you’re self-employed. Regardless of your employment status, it is also useful for your broker if you can provide any life insurance details, endowment, savings, pensions, or healthcare policies. Lastly, your broker will need to know who you are, so photo ID, proof of address and a P60 if available.
Also, we would recommend getting some questions together, so you are ready to quiz your broker on all things mortgages. They are here to help you and we can assure you that no question is a silly question.
One more thing (promise), we want to help you, as much as you want to buy or refinance a home, so try not to worry and be ready to let us do all the hard work!