When you apply for a mortgage any lender will typically require, proof of identity and address, proof income, evidence of affordability, proof of deposit, and proof of mortgage or rent payments. The paperwork needed for a bad credit mortgage is similar to a normal application, below is a brief explanation of what the lender will need to be able to fully assess your application:
Proof of Identity:
Every lender will require you to be able to prove your identity. You will need to be able to provide at least one of the following for each applicant on the mortgage application.
- Valid Passport
- Driving Licence
Proof of address:
Like proof of identity, each applicant will need to provide at least one of the following dated within the last 3 months to confirm their address.
- Bank / Building society statement
- Mortgage Statement
- Utility Bill
- Council Tax Demand
- Driving licence (if not used for identity)
Proof of Income:
- Last 3 months payslips
- Latest 3 months bank statement
- Latest P60 (possible last 2 years if using bonus income)
- Latest 2 years accounts
- Latest 3 months bank statements
- Last 3 years SA302’s
- Last 3 years tax year overviews
(SA302’s and Tax year overviews can normally be printed from your HMRC portal)
As well as looking your income lenders will need to assess your full affordability, typically you will be asked for your last 3 months bank statements to review both your income and outgoings. The lender will also want to see good banking conduct.
Proof of deposit:
- Bank statement showing deposit funds available
Proof of Mortgage/Rent Payments
- 12 months bank statements showing the payments
- latest mortgage statement / rent statement
Contact us today to see how we can find your a great deal on your new mortgage!