What You’ll Need for Your Mortgage Appointment

Whether you’re a first-time buyer about to plunge into the world of mortgages or a current homeowner coming to the end of your deal and are thinking of remortgaging, a mortgage appointment is on the cards. Using a mortgage advisor helps you navigate the market, secure mortgage deals and supports you during the process. Whether it’s your first mortgage or third, here’s a quick reminder of what to prepare for your mortgage appointment.

Early stages

Gather the deposit 

If you want to buy a property in the near future, one of the very first things to consider is the deposit. As saving a large chunk of cash can take a long time (the average time is 8 years!), you’re going to want to start this early. The deposit is a hugely important part of the mortgage process, and it requires time and investment on your part.  

Most homebuyers aim to save 5% to 10% of the property value for the deposit, although you can put more down to access more mortgage deals.  If you’re a current homeowner, you’ll use the equity that you’ve built up in the property to secure a mortgage for your move, rather than saving up for a whole new deposit.

Review your credit report

When you apply for a mortgage, lenders will check your credit report, so it’s wise to get in there first and make sure there are no mistakes or anomalies. Once you know your score, you can spend some time improving it before the lenders check it out.  

Prep for your mortgage advisor appointment

Your first port of call in getting a mortgage is to schedule an initial appointment with an advisor. The advisor will ask you some questions about your current and future plans, and you will need to provide some proof of your finances. Ahead of the chat, gather some documents so you’re prepared – and so nothing slows down the process.

Proof of identity 

• Such as a passport or driving license 

 Proof of address 

• A document with your name and address, dated within the last 3 months, such as a utility bill or bank statement 

 Bank statements 

• Bank statements for your main bank account (3 months) 

• Bank statements for personal or business current accounts (3 months) 

 Proof of income 

• 3 recent payslips from your current employer (name, address, contact details and the dates you were employed there) 

• Details of any rental income you currently receive, including any guaranteed overtime, bonus or commission 

• P60 (if available) 

 Mortgage statements 

• Statements for any existing mortgages you have 

 Debt statements 

• 3 months statements for any credit cards, store cards or loans you currently have 

 Insurance 

• If you’re remortgaging from another lender, have your buildings insurance policy handy 

• Details of your current life, critical illness and home insurance 

 Additional 

• Any details of any arrears, defaults or County Court Judgments (if applicable – this applies to people who’ve recently declared bankruptcy) 

• Details of existing savings, pensions or insurance policies 

• Details of any employment benefits (e.g. car allowance, sick pay, pensions) 

• A copy of your credit report to hand is advised 

• The new property details (such as price, address) 

Mortgage prep for the self-employed

Prepping finances and securing a mortgage is enough to make the calmest of us break into a cold sweat. For the self-employed, the process is a little trickier – but not impossible!  If you’re self-employed, a sole trader or a limited company director, also prepare: 

• Your HMRC tax year overviews from the last 3 years 

• You can replace the most recent year with financial accounts signed by a qualified accountant 

• For limited companies, prepare trading accounts for the most recent tax year, dated no more than 18 months before you submit a mortgage application 

What happens during a mortgage appointment?

At Purplebricks Mortgages, it all begins with a chat. Our friendly advisors will get to know you, your goals and your financial picture. It’s a chance for them to home in on your situation and for you to ask any questions you may have.

An advisor will conduct a thorough examination of your financial situation (along with your partner’s if it’s a joint application). They’ll also analyse your income, outgoings, expenses, credit history, deposit and any other financial commitments. Pull up the property details of the house you want to buy as they’ll ask about that, too. If you have a current mortgage, your advisor will want to know the amount left to pay and the terms. All of this is to build a profile for you in terms of borrowing power.

During the mortgage appointment, you may want to ask the advisor about types of mortgages available to you. They’ll be able to discuss the pros and cons of each, and ask you about how you want to pay and if you have any future plans that may change your circumstances, and therefore may impact your mortgage.

Your advisor will also look at solutions for protecting your mortgage, finances and loved ones with insurance policies, so that you can have complete peace of mind.

Once the advisor has a good idea of what you’re looking for, they get to work scouring the market for the right mortgage for your needs. They’ll present some mortgage deals to you, explaining the ins and outs of each so that you feel comfortable in your mortgage decision. They’ll explain the costs involved in buying, giving you tailored, expert mortgage advice.

If you’re thinking of getting a mortgage or have questions about your current deal, our friendly advisors are here to help. Contact the expert team at Purplebricks Mortgages today to talk to us about switching mortgages or taking out a first-time buyer mortgage.