The best thing you can do to get your mortgage application approved quickly, whether you are going direct to your bank or speaking to a mortgage adviser, is just to be honest from the start. Lenders have access to multiple credit agencies and will find any additional information you may have purposely held back. Hiding or failing to mention certain details, will therefore not go in your favour, so being upfront and honest from the start is really helpful.
Supplying your documents quickly can also help to significantly speed up the process. Mortgage lenders, especially high street lenders, receive thousands of applications every day. If an underwriter looks at a file and everything required is there, they will process it quickly. But, if something is missing, it will go to the bottom pile and you won’t normally hear back until three or four days.
The minimum documents you will always need to apply for a mortgage are:
- Bank statements (usually last 3 months’)
- Proof of income (last 3 months’ payslips if you are employed, and either your last 2 years’ limited accounts or HMRC tax calculations, if you’re self-employed)
- Proof of ID (passport or driving license)
If you have been renting, then you may also be asked for proof that you have paid your rent on time, and if you are using additional income, such as bonuses or commission, the lender may need to see your P60.
Having all your documents ready and sending them to your broker or lender as soon as they ask for them, will usually help you to get a mortgage approved within five to ten days. Providing you meet the lender’s criteria.