Next Steps
To ensure that you will be able to keep up with repayments on your home, you will need to go through an affordability assessment. As with any loan or mortgage, it is recommended to consult a financial advisor to confirm your affordability. Once this has been checked, you will need to prepare the following documents:
- Photographic ID – (Passport or Driving License for all applicants)
- Your last 3 months’ payslips – (If self-employed, you will need to provide 2 years of accounts by a qualified accountant or 2 years of SA302s, if the mortgage lender will accept these). Please note if your income is from a different source such as pension or disability benefit, you may need to supply other proof of your annual income.
- A mortgage in principle – This proposes the amount the provider is prepared to lend, the interest rate and the number of years to repay.
- Proof of funds for a deposit – (Bank statement or screen shot of online banking)
- Working Tax Credits – (excluding child-care credits)
Once all the necessary documents have been collected, a solicitor must be appointed to act on your behalf during the process. A reservation fee will also be required to take the home off the market. For more information on the process of securing a new home, contact a member of our team.
