When applying for a mortgage, you will have to set up a meeting and go to the bank to discuss your situation and the deal you want to arrange with them.
You will need to take a few things with you to make sure that everything goes as easily as possible and that you have all the information with you that you will need.
You should be told prior to your meeting exactly what you will have to take with you, as each mortgage lender will want to see and know slightly different things.
Documents you may need
You will need documents showing how much you owe to different lenders through current loans. In addition, you will need to show how much is being repaid each month on those loans.
Hire purchase agreements, such as for a car, also need to be presented.
Statements need to be provided which show any child or spousal maintenance you receive if you are divorced.
Household bills may need to be presented to prove how much you spend each months.
Spending and income
A person’s salary and how much they spend can be a bit of a taboo subject in modern society. However, you should be very prepared to talk about your wages and what you spend per month on both luxuries and essentials.
You will likely need to provide a P60 for the last year, or possibly the last couple of years.
You will need to know how much you tend to spend in a lot of different everyday areas, such as clothing, entertainments, travel, holidays and pets, to name just a few. Keep a track of everything you spend per month, so that you have an accurate idea and can give the lender a true representation of your financial life, so that they can help you find the best deal for you.