Current Mortgage Details
We’ll need to know some bits about your current mortgage. Things like how much is left to repay, how much your monthly repayments are and how long is left until your mortgage is paid off. In order to help you get a better deal than you’re currently on, we’ll also need to know your current interest rate and any early repayment charge applicable to your mortgage account.
This does sound like a lot, but all of this should be on your most recent mortgage statement. And if you’ve not kept a copy of it, not to worry, it’s really simple to request another copy from your mortgage lender.
Your income details
Let us get the boring bit out of the way – You’re going to have to prove your income just like you did when you got your original mortgage. If you’re staying with the same lender, it’s not usually as detailed as if you were moving to a new lender, but nevertheless, they’re going to want to make sure you can afford your new mortgage.
If you’re self-employed, it’s usually a case of providing your SA302 form or full accounts for the past three years, or less if you haven’t been self-employed for that long.
Other outgoings or debts
When working out affordability, we need to give your lender accurate figures to make sure your mortgage application gets approved the first time. Lenders will want information on what credit cards, loans or any other mortgages you have here.
Your future plans
We know you can’t predict the future, and so do lenders, but you should definitely raise any future plans you have with your mortgage expert – Things like a planned home move, home improvements or changes to your income situation can all affect the mortgage you qualify for and the mortgage we recommend. It’s always best to be upfront so we can make sure your mortgage is future-proofed to what you’re looking to do.
