Why Use A Mortgage Broker?

If you were in the position to lend someone a large sum of money you would want to know that they can pay it back to you on time every month with out any issues wouldn’t you? What would you want to know about them to make that decision? What would you want to see from them?

Well, lenders aren’t much different!

For a mortgage application you will be required to provide a number of documents and information to your new lender in order for them to verify your identity, income and credit history. All lender’s and brokers require the following information & documentation:

Basic information about all applicants:
Name, previous names, date of birth, 3 years address history, marital status, nationality, dependents – adults and children and gender. We will request documentation for proof of the following:

  • Photo ID – passport, driving licence, national ID card, firearms licence or Military ID.
  • Proof of address – utility bill dated within the last 3 months, bank statement, mortgage statement, driving licence (if not used for ID).

Income information for all applicants:
Annual basic salary, rental income, benefit income, overtime, bonus details, commission details, any dividends earned and share of profit. You will need to provide the following documentation, plus your bank statements to show the income being received:

  • Self-employed – SA302s and corresponding Tax Year Overviews for the last 2 years as a minimum, latest 2 years company accounts if you have a shareholding of over 20% in a company, business bank statements to show income and outgoings.
  • Employed – latest 3 months payslips for monthly paid. If you are paid weekly, you’ll need to send 13 payslips. Payslips must show your name, employer’s name, National Insurance Number, year to date figures, all salary credits and salary deductions. Further explanations may be required for credits and deductions on your payslips such as benefits, union, bonuses and commissions.
  • Retired – latest pension payslip, P60 showing pension income, letter from pension provider confirming your monthly payment.
  • Benefits – latest award letter showing your entitlement.
  • Rental Income – bank statements showing rent received and the latest 2 years SA302s and corresponding Tax Year Overviews. If you are not declaring your rental income to HMRC you cannot use it as a source of income with a lender.

Credit commitments & history for all applicants:
This part is just as important as the income and personal details. If the information you provide is not 100% accurate you run the risk of your mortgage application being declined. It doesn’t matter how bad you think your credit history is, there’s a lender out there for you. However, the right lender can’t be selected if you do not provide the right information.

I always recommend you sign up for a 30-day free* trial with Check My File and after your initial free trial it is just £14.99 a month. You can cancel your subscription at any time, but it provides you with your credit history for the last 6 years from Experian, Equifax and Transunion in one place so it’s a pretty good subscription to keep running.

The information we need regarding you current and past credit is as follows:

  • Lender name
  • Current balance
  • Type of credit – credit card, loan, store card, car finance, secured loan etc
  • Start date and term in months for loans/hire purchase/PCP
  • Monthly payment – if it’s a credit card that you pay the minimum on each month, it’s best to work out what 5% of the balance is and use that as your monthly payment.
  • Details of any previous credit blips – CCJs, defaults, missed payments, Debt Management Plans and IVAs.

If you wish to sort a mortgage out for yourself, you will have to provide this to all the lenders you apply to. You could end up speaking to several lenders to find the right one for your circumstances. Do you have time to keep repeating yourself to multiple lenders? This could end up taking you weeks.

When you use me as your mortgage broker you only need to provide that information and documentation once. I will be able to assess all your documents and I will have in-depth chats with you to get to know your background and your needs for your mortgage.

You save a lot of time and stress as I spend time researching the criteria of over 150 lenders and thousands of products to find the right deal for your circumstances. No two applicants are the same so what works for your friend might not work for you. I use my extensive knowledge of the mortgage lenders on my panel and I can also decipher the confusing and lengthy criteria set by the lenders to ensure your application is submitted to the right lender first time.

From your enquiry with me and documents being received to the mortgage application being submitted can be just a few days. Depending on the lender that best suits your needs, your mortgage offer could be out within a week of the application being submitted.

You always get a personalised bespoke mortgage journey from enquiry to completion with me and the knowledge and expertise of my years of training and experience.

Youngs Mortgages – the only mortgage broker you will ever need.

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