Information needed to get a MortgageRequired information to obtain a mortgage
Getting a mortgage as a proxy
Most homeowners will need a mortgage, but how do you get a mortgage as a representative? We' ve asked Lawrence Robbins, Partner at locum and the amortgagenow.co. uk mortgage professionals for some important advice for our members. Could it be possible to get a mortgage as an agent?
Mortgage applications in today's mortgage markets must be thoroughly reviewed by the lender using a procedure that has been approved by the regulator. Abbreviations are limited and therefore the proof of source of income must be provided, which is usually the most difficult item for the claimant. Which information do I have to state?
They should be expected to provide proof of their identities, residential addresses, incomes, credit histories, expenses and deposits. Most lenders will be expecting to see two or three years of commercial histories for the self-employed agent, some will consider a case backed by your numbers for the first year. Which kind of offers are there for locations?
Lounges can count on maintaining mortgage business that is competitively positioned near the leading mortgage lenders. Even though technical earnings can be difficult, this has no effect on the price quoted. Lounges with an inconsistent loan histories may find that this is mirrored in the businesses available to them. Is a quotation made on the basis of my VAT return?
The easiest way to document your earnings is to file your taxes. Almost all creditors are willing to take over underwritings on the basis of SA302s and fiscal year overviews for the last 3 fiscal years (sometimes one or two years). A SA302 is a HMRC declaration describing your stated earnings for the fiscal year and the taxes to be paid on those earnings.
The majority of lenders will also agree to the taxes calculated by their accountants. Annual fiscal overviews are certificates of your income taxes statement that confirm that the income taxes statement has been paid. In their first year of trade, locations can only give a projected picture of what they are likely to make each year. Under these conditions, certain mortgage lenders can sometimes help a first year agent basing himself on the first six months' trade numbers and a forecast for the future.
They must work with a specialized mortgage brokers to obtain loans in these conditions. Local firms with at least one year of trade can obtain a mortgage for these programs. When you have an inconsistent loan record, e.g. due to problems from your period as a college graduate, your case requires special care.
Get a copy of your legal loan statement from all three major sources as the first point: What time do you need a mortgage? Gather your supporting information as above, and then get special help.