Mortgage ..What paperwork is required when employed??
05 March 2003, 08:02 AM
#3
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There are a lot of 'self-certification' mortgages available now which means that the lender will not require proof of your earnings. This is useful if you're borrowing a lot in relation to your earnings.
They will still want a Bank reference and an employer's reference and the usual ID/proof of residence for money laundering purposes.
Self Cert mortgages used to be more expensive (i.e. higher interest rates) but a lot of lenders e.g. Abbey National are now offering these at competitive rates.
Speak to an Independent Financial Adviser specialising in Mortgages.
They will still want a Bank reference and an employer's reference and the usual ID/proof of residence for money laundering purposes.
Self Cert mortgages used to be more expensive (i.e. higher interest rates) but a lot of lenders e.g. Abbey National are now offering these at competitive rates.
Speak to an Independent Financial Adviser specialising in Mortgages.
05 March 2003, 08:32 AM
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Luke,
It all depends on the Loan to Value. Most high street lenders will not require proof of income if the LTV is below 75%. If your credit score is ok they may not even need to see bank statements. As stated before however they will need proof of id and address as these are Money laundering regs.
Tony
It all depends on the Loan to Value. Most high street lenders will not require proof of income if the LTV is below 75%. If your credit score is ok they may not even need to see bank statements. As stated before however they will need proof of id and address as these are Money laundering regs.
Tony
05 March 2003, 09:16 AM
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If you get paid into the bank you may not need P60 or payslips. As above, proof of ID in mandatory, usually bank statements for 3 months will show salary going in etc. If you are looking for a high loan to value (90% or more) then you will probably need all that imlach has mentioned, but the lender will usually write to the employer for a reference. (Usually takes the format of 'Is this person employed, are they likely to remain employed, how much do they earn)
03 May 2003, 12:26 AM
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1) pay slips last 3 months
2) bank account statements last 3 months
3) proof of ID (utility bill and passport and/or driving licence) - one of which usually has photo and other has proof of current address
4) Letter from employer stating salary (not always required)
5) Maybe last P60 as well...
1) & 2) may require more months depending on your credit check and how much you are borrowing etc....
[Edited by imlach - 3/5/2003 12:27:33 AM]
2) bank account statements last 3 months
3) proof of ID (utility bill and passport and/or driving licence) - one of which usually has photo and other has proof of current address
4) Letter from employer stating salary (not always required)
5) Maybe last P60 as well...
1) & 2) may require more months depending on your credit check and how much you are borrowing etc....
[Edited by imlach - 3/5/2003 12:27:33 AM]
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