First Time Buyer Mortgage Advice in Nottingham

Now that you have saved up a suitably sized deposit and you’re able to move forward on to the process of applying for a first time buyer mortgage in Nottingham with a dedicated mortgage broker, it’s important to be prepared for the next steps of your journey.

We have compiled a list of our best preparation tips for the most vital documents that you will need and potentially speed up your mortgage application.

What do I need to get mortgage ready in Nottingham?

Up to Date Credit Report

One of the most important documents to prioritise in the mortgage process is your credit report. You need to make sure that the credit report you have is an up-to-date one.

This is a financial overview of how well you are managing your credit accounts, along with your address history and electoral roll information. It would also flag up any CCJs or defaults that are present on any of your financial accounts.

The information that the credit report provides will be incredibly useful to your mortgage advisor in Nottingham, as it will help them to find the best mortgage deal for you, based on your personal and financial circumstances.

Proof of ID

Photo ID is the best way for a mortgage broker in Nottingham to confirm who you are. Generally, the best documents for this would be either a driving licence or passport.

If you’re using a driving license for proof of your address, you will have to find a different form of ID to prove who you are, as you cannot use the same ID as proof for both.

Applicants who require a visa as a right to work or reside, will also have to provide this as proof to their mortgage lender.

Proof of address

As mentioned, you will also need a proof of address will also be needed. There are a lot more types of documents and paperwork which are typically accepted, such as a utility bill or a bank statement covering the last 3 months.

Last 3 Months Bank Statements

Your income and expenditures will also be looked at, with your mortgage advisor in Nottingham reviewing your last 3 months bank statements. With this in mind, it will be handy to take a look at your finances ahead of time, and make sure that they will be seen in the best light.

Things like gambling transactions can go against a mortgage applicant, so staying away from this for a few months can help your case when it comes to applying for a mortgage.

Evidence of Deposit

You may have saved up enough to cover the deposit for your property purchase, but you will still need to evidence the build up of those savings, for anti-money laundering purposes. This will provide extra security to your lenders, knowing everything is in place and from a legitimate source.

To help prepare yourself for this, it is best to keep your finances in one place such as in one current account and not move the money around too much i.e., to other accounts, as this will help the audit trail finish faster.

Additionally, if you are being gifted your deposit (common for first time buyers in Nottingham), the donor will have to sign a form to declare it is purely a gift and not a loan, as well as evidence how they built the funds themselves.

Proof of Income

You will also need to prove your income to the mortgage lender, so that they can see whether or not you have the affordability to keep up your monthly mortgage repayments.

Your mortgage advisor in Nottingham will ask you to provide your last 3 months bank statements. With this in mind, it will be handy to take a look at your finances ahead of time, and make sure that they will be seen in the best light.

Things like gambling transactions can go against a mortgage applicant, so staying away from this for a few months can help your case when it comes to applying for a mortgage.

Mortgage lenders will also be taking into account such things as overtime, commission, bonuses and other earnings that may come alongside or be included in your wage.

If you are an applicant who is self-employed in Nottingham, then your accountant can help and gather up two or three years proof of earnings.

We are happy to help you if you don’t have an accountant and submit your own accounts and will inform you on what you will need to obtain from the Government Gateway.

Budget Planner

In order to help you get organised, the easiest step that you’re able to do without any help is to put into place a budget planner. This will help you to create an overview of your finances and see the areas that perhaps need work.

It is best to include all variable aspects such as food and drink, as well as regular bills, such as council tax and utility bills, to help you keep track of disposable income. Doing so can help you to better manage your finances and save on things you perhaps like but don’t need.

As an open & honest mortgage broker in Nottingham, we will be more than happy to send over a template budget planner if you are having trouble getting started with this.

Taking time out to get prepared is key and taking expert mortgage advice in Nottingham is an incredibly useful step to getting your mortgage on track. The quicker you’re able to gather the essential documents then the closer you will be to a successful mortgage.

Book your free mortgage appointment with a trusted mortgage advisor in Nottingham today, and we will see how we are able to help you on your mortgage journey.

Date Last Edited: November 21, 2023