We have all been there, we go to apply and at first it is very simply and straight forward, but then you are required to submit all kinds of documentation and files relating to you and you don’t know where to begin.
As part of any application, a prospective buyer will be required to compile various documents to prove they can afford to comfortably repay the loan. As we have loads of experience with mortgage applications by helping countless applicants successfully complete the mortgage application process, we understand how confusing it can be and what documents are nearly always needed.
To make the process that little bit less daunting, we have put together a list of documents that any applicant would have to submit to be considered for a loan:
1. Application Form
The very first stage of the process, you have to complete the application form. This can either be done through our website or you can do this stage of the process over the phone by calling one of our mortgage advisors who will fill out the form for you! If you wish, you can pop in and we will walk you through the application.
2. Proof of ID and Address
This is required by must applications and as a mortgage is one of the most important financial decisions one can make, it is no exception. You must prove your identity as well as prove you have a fixed address. Normally proof of ID is either a valid passport or a drivers licence.
For proof of residence, applicants should submit at least one of the following: a utility bill, a Tax Credit Certificate sent by the Revenue or an original bank account statement with your address on it (any document submitted must be dated within 3 months).
3. Salary Certificate
A salary certificate is completed by your employer and outlines details of your employment such as pay (basic, bonuses, overtime etc.), job description, current status of employment (permanent, temporary etc.) and length of service. To help the process, we can provide you with copies of a salary certificates so that you can submit it to your employer(s) for completion.
4. Three most recent payslips
In addition to the salary certificate, applicants must also submit their three most recent payslips received from their employer. The payslips primarily serve as extra proof to validate data relating to salary match those filled out on the application form as well as the salary certificate completed by the applicant’s employer. Payslips will also be used to make sure that the net amount as per the slip is being transferred into your current account.
5. Most recent P60
A recent P60 will outline your total gross and net salary paid to you by your employer for the previous year. The document also shows how much you paid in PAYE, PRSI and USC over the same period. The key purpose of the P60 is to ensure that the figures on it match those on other related documents such as your pay slips, salary cert and bank account.
6. Loan, Savings and Bank Statements
Applicants must submit details of any outstanding loans, savings accounts as well as details of their current account. This allows the lender to see how an applicant manages their finances. In the case of loans, a lender would want to see it being serviced with repayments being met consistently on time. Lenders also like to see money being put aside which shows that applicants would be able to meet the added repayment of the mortgage should you be approved.