Eligibility Residential Mortgage

Regardless of where your enquiry has originated from, there are a few basic details that we should try to capture through this initial online form.
Check

How it works:

Establish what kind of enquiry it is, i.e. First-Time Buyer, Buy To Let, Re-mortgage, etc.
Are you employed or self-employed, or unemployed?
What is your annual income is approximate?
What is your age?
If a deposit is required, establish the source of the funds.
What stage of the property search are you currently at?
What kind of price range are they looking at?
Confirm if you have any adverse credit.
Have you got any dependants, young or old?
Did you approach any other brokers/lenders? If so, why are they not proceeding with you?
Your preferred contact method and contact details, including email and phone number.
The aim of obtaining this information from you is to determine if there is a potential to proceed with the mortgage application further.
Once we have established a potential, we can proceed to the next stage and agree with you on the best time for you to carry out a fact-finding meeting; this can be face-to-face or over the phone.
FCA requirements to lenders you should be aware
Mortgage lenders must make sure you take out a mortgage you can afford. Find out what they will likely check and the information you will have to provide.
With a new mortgage, extending your ongoing mortgage or remortgaging with a distinct lender, your lender must verify that you can afford the repayments today and in the prospect.
For this matter, they will usually require information about your current income and outgoings. You will need the following:
To prove your income and how much you can borrow:
if employed, show payslips;
if self-employed, deliver your tax returns, accounts, business plan and planned income;
you need to tell your lender if you expect your income to go down or go up;
various lenders require different evidence;
to confirm your spending;
inform about repayments and other commitments;
inform about essential expenses (food, utility bills, etc.) and basic quality of living costs (clothes, childcare, etc.)

Lenders will look at how interest rates are predicted to change over a minimum of the next five years to see how they might affect your mortgage payments.

If your payments are likely to go up, they will check that you can still afford them if your other outgoings and income stay the same. It is possible that rates could go up by more than predicted. If this happens, your payments could be higher than expected, too.