You have decided you’re going to buy a property and you want to speed up the process as much as you can. Here’s what to do.
You are going to need to prove your identity, your address, how you are going to pay for it and where the monies are coming from.
Have you got a Passport? If you have, check it is in date. You cannot use an expired passport to prove your identity. If you haven’t got one – were you intending on getting one in the future? If you were, then get it now. Two birds – one stone.
Do you have a Driving License? If you have and it is in date and registered at the correct address, you can use this to prove your identity or your address. If not, your change of address on your Driving License is free and you will need to get this sorted. In the meantime, you may be able to use an official Bank Statement or Government headed paperwork to prove your address.
You will have to produce two separate documents: 1 for identity, 1 for address.
Are you buying with cash? You will need to produce a Bank Statement showing the account details, with your name clearly visible (to prove that the money is in your own account) and the Bank in which the monies are held.
If you will be having a mortgage – where will your deposit monies be coming from? If it is the Bank or Building Society, you will have to provide the same as the above. If it is a gift from Mum, Dad or a Grandparent, then they will have to prove the above and provide a supporting letter stating that it is a gift.
Speak to your mortgage adviser if you already have one. If not, seek independent, fee free, whole of market, mortgage advice from someone who does not charge arrangement fees. If you are unsure of who to use, we have our own advisers here in the office who will be more than happy to help you.
Ensure you provide the mortgage adviser with proof of identity and address for whoever is going to be on the mortgage. Most lenders ask for 1-3 of your latest payslips and details of any credit commitments you may have and again, you will have to provide these for everyone who is going on the mortgage.
Ensure you are on the Electoral Roll at the address at which you are currently living.
The Mortgage Adviser will tell you how much you can borrow and what the monthly repayments will be.
You can do all of this and should do all of this prior to viewing properties, as your adviser will be able to provide you with an Agreement in Principle to provide the estate agent with once you have had an offer accepted and then they will be able to apply for the mortgage for you straight away so that you don’t lose any time.