Applying for a mortgage
You can help speed up your mortgage application by knowing what information the lender is looking for. When you apply for a mortgage you will need to provide proof of your identity, address, salary and employment status.
The lender may also ask for written references from your employer, your bank and your current lender or landlord. They'll also run credit checks to make sure you've paid off your debts in the past.
You can get a decision in principle (known as a "DIP") from a lender even before you've chosen your final property. This shows whether they're prepared to lend to you and how much. Most lenders can give you a decision in principle online as well as through the post.
Once you have chosen your property the lender will want to arrange for it to be valued. In some cases the lender will not tell you the actual value but will confirm if they are willing to lend you the required amount.
Top tips
- Never be tempted to overstate your income. You could end up with a mortgage you can't afford.
- The basic property valuation for mortgage purposes is not to be confused with a survey which tells you about the condition of the building and any defects.
- Decisions in principle (know as a "DIP") trigger a credit check, which shows on your credit record. Too many of these may affect your chances of getting a mortgage so only ask for one when you've settled on your lender.