Here, we answer some common questions about the process.
To apply for a mortgage, most lenders ask for at least 2 years’ worth of accounts. This provides evidence of your income to make sure you can afford the repayments.
If you’ve recently become self-employed, you may need time to gather this information before you apply.
Yes, you can still apply for a joint mortgage through the standard mortgage application process.
What matters is whether you can jointly afford the mortgage repayments for the length of the mortgage term. As with all joint loans, both parties are responsible for the repayments.
Employed applicants are typically asked to provide 1 months’ worth of payslips and bank statements as proof of income. However, if one of you is self-employed, you’ll be asked to provide additional documents as evidence.
For a limited company, these typically include:
As well as providing evidence of your income, additional mortgage application documents include proof of name and address, and evidence of a home deposit. These apply to all applicants.
There are a number of things you can do to help you get a mortgage, such as:
Keep in mind – it’s important that you apply for a mortgage you can afford, even if your circumstances were to change.
Your home may be repossessed if you do not keep up repayments on your mortgage.