Finding an exact guide on what makes someone eligible when applying for a mortgage can be difficult. This is because each lender can have different criteria so having to pinpoint what is needed.
To be eligible for a mortgage there are a number of important factors that most lenders will look into. These include:
- Your income and employment status. – Often the longer you have been with an employer is better.
- How much you want to borrow.
- Your credit rating.
- Existing debt & expenses.
- How much you’ve saved on deposit.
- Your affordability.
Taking these factors into consideration when applying for a mortgage can help you to improve your chances of being accepted. Making sure you can afford payments, have a stable job, a good credit rating showing that you are making payments with other lenders on time as well as having enough saved for the deposit; these can all help you to be more organised and successful with your mortgage search.
There are also other factors that lenders may take into consideration such as what type of house or the age of the property you are looking to buy, whether you have been rejected in the past and also what dependants you may have living with you, such as children.
What documents will I need to provide?
Along with meeting the requirements listed above, it is also important that you are able to provide sufficient proof.
Whilst each lender may have slightly different requirements, generally, they will require the following:
- A form of Photographic ID (Passport, Drivers license Etc)
- Proof of address (A council tax bill, recent Utility bill or bank statement)
- Income and Employment Status – EG payslips from the past 6 months, your most recent P60, and bank statements
- If you are self-employed you will need to provide documents such as two or more years worth of certified accounts, evidence of earnings from the HMRC (SA302 tax calculation)
If you are ready to go ahead and start looking at mortgage options, click below to submit your information which we will review and put you in touch with one of our trusted expert mortgage advisors. They will be able to find you the best mortgage deal for you!