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Personal Finance And Mortgages

If you are planning to apply for a mortgage in the near future, it may pay to be prepared.  Lenders will want to dig into your financial life, and you must be prepared to present them with the paperwork that they require.

If you wait until the last minute, it could hold up your approval process, and that dream home may slip away!

Be prepared by having the following documentation ready BEFORE you ever apply for the loan.

Employment Information

Some borrowers will have to provide more than just a P60 from their employers.  If you fall under one of the following categories, you will have to provide the lender with your tax returns for the past two years.

* If you are employed by a relative

* If you are self-employed

* If you work on commission

* If bonuses account for 25 percent or more of your income

If you receive income from other sources, such as child support or disability allowance, you must provide proof that you are entitled to it, and in addition, that you are receiving it.

Written by Alun Hill MCIJ, Editor · Filed Under Finance | Leave a Comment