What documents are needed for a mortgage application?

We all know how daunting it can be to apply for a mortgage, especially if you are a first time buyer. As part of any application, a prospective buyer will be required to compile various documents to prove that they can afford to comfortably repay the loanwhat-does-a-mortgage-broker-do

As experienced brokers, we have helped countless applicants successfully complete the mortgage application process. A big part of the getting mortgage approval requires the submission of various documents which are used to assess the applicant’s ability to repay back the mortgage while still being able to live in comfort. 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. Alternatively, 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!

2. Proof of ID and Address

In order to be approved for a loan, applicants must prove both their identity as well as proof that they currently have a fixed residence. To prove you are who you really are, lenders accept either a valid passport or a driver’s licence as forms of identification. For proof of residence, applicants are allowed submit one of 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.