Mortgage Application Checklist.
Get to know the documents you’ll need for a smooth mortgage or loan application process.
Essential Documents for a Pre-Approved Mortgage
Planning to buy a new home? Before you start your search, it’s crucial to apply for a pre-approved mortgage. This process helps you understand how much you can borrow, setting realistic expectations for your home hunt.
A mortgage pre-approval involves a detailed background check by the bank to determine your ability to repay the loan. To make an informed decision, the bank will require a comprehensive set of documents related to your identity, income, employment history, and financial management. Be prepared for some in-depth questions about your finances—it’s all part of ensuring you’re a reliable borrower.
Here’s a checklist of the documents you’ll need for a pre-approval:
Identification
- Passport or Driver’s License: Provide valid proof of identification.
Visa (if applicable)
- Non-citizens must provide a valid visa.
Bank Statements
- Recent 3-month Bank Statements: Ensure you provide statements from all your active accounts.
Declaration Form
- All applicants must sign a declaration form. [Click here for the declaration form].
Proof of Employment & Income
- If Employed:
- Payslips: Provide your 3 most recent payslips.
- If Self-Employed:
- Financials: Provide financials for the last 2 financial years
- If Employed:
Proof of Current Debts
- Be transparent about your debts. The bank needs to see how much you owe and your repayment schedule.
- Loan Statements: Provide your recent 3-month loan statement if you have any ongoing loans.
- Other Debts: Include details and statements for:
- Credit Cards
- Personal Loans
- Hire Purchases
- Store Cards
- Overdrafts
Having these documents ready will streamline your pre-approval process, allowing you to focus on finding your dream home. If you have any questions or need further assistance, feel free to contact us.