So firstly, it’s a common misconception that you have to have a high paid job or that you need a huge deposit to get a mortgage. 

In normal circumstances this simply isn’t untrue! As long as you can afford your monthly mortgage repayments (which is stress tested by the lender) you are usually good to go!

What we at the mortgage lady Uk also do is take a sensible approach and go through your income and outgoings to ensure you can still afford to live, i.e. have your nights out and family treats etc. You want to own the home, not have a house own you!

In saying that, we also need to verify your identity at the beginning of the mortgage process. So, you would need your passport or driving license but if you don’t have these to hand, we can do a quick online search to make sure you, are you! 

Next, we would need to see your income. If you are employed, we will need to see your most recent 3 months or weeks’ payslips, if self-employed your tax calculations from the last two years and additionally, the bank statements to evidence payments. 

If you are new to employment (straight from school or university) or recently found work after being unemployed (you must be 18+ and have an employment contract), we can work around not having 3 months’ payslips.

If you were to get a new job, it’s just last months from previous employment and first months of new employments payslips.

Next is stability. So, stability is how long you have lived in the country & how long you have lived at your address.

We check the last 3 years address history. If you have moved about a bit in the last 3 years, it’s normally fine as long as we have the address history. 

Even if you have lived abroad or are new to this country, there are lenders happy to help with certain caveats met.

We then review how you have conducted your credit. 

We will check the last 6 years on your credit file. Don’t worry if you have never had credit or you don’t have any at present it’s usually fine. If you have had a few blips (missed payments) or even had defaults or CCJs or even bankruptcy we can normally get a mortgage through, as the mortgage lady uk are whole of market brokers so can scour the market to help you find a product to match your criteria. 

We have now covered:

• Identification 
• Income/Ability to pay 
• Stability 
• Affordability 
• Credit check 

Lastly, it’s deposit. 

Lenders are wanting to help people achieve their hopes of accessing the property ladder, they have new products all the time! 

They even have a 100% mortgage where a deposit isn’t needed!

Get in touch with us today so we can give you a professional and helpful guide to mortgages and gaining the keys to your new home. Give us a call on 0151 318 1592  or send an email to jen@themortgageladyuk.com