Do you Qualify for a Mortgage?
For us to assess if you qualify for a mortgage, we will carry out a short fact find to record details of your income, deposit and credit history etc. You may wish to note the following information which provides guidance on the standard requirements to progress a mortgage application:
Proof of Income Requirements
All mortgage applications are subject to confirmation of income being provided to the lender and the general requirements are as follows:
Employed applicants – the latest three months payslips and most recent P60.
Self employed applicants – proof of the latest year’s accounts or latest HMRC SA302 certificate which will evidence your business nett profit, please note that some lenders will require two years income figures.
In addition to provable earned income, some lenders will consider income received via Tax Credits and where this income element is being declared, the lender would require sight of the current year’s Tax Credits Award Notice.
If you do not have a copy of your credit file, you may apply for it at www.equifax.co.uk by clicking on the “£2 Statutory Credit File” link at the bottom of the Homepage. Once you have accessed your report you can forward a copy to us for assessment.
The minimum deposit required to qualify for an adverse credit mortgage is 10% of the purchase price. At this level of deposit there is some allowance for past CCJ’s, defaults and mortgage arrears. Please note that some schemes require a higher level of deposit, specifically for those where a past bankruptcy or IVA has been registered.
Once we have assessed your credit profile we will be able to confirm the level of deposit required and the indicative mortgage rates which are available to you.