What information is Required on a Mortgage Application?

February 26, 2018 by Stacy Wells

Providers pretty much require the same information on a mortgage application, however each application form differs in layout and questions asked. Here is a brief summary of what is typically asked on a general mortgage application form

Residential Mortgage

 

Loan Requirements
  • Type of loan
  • Amount required
  • Repayment type
  • Type of loan purchase, remortgage, buy to let
  • Current mortgage details if applicable, amount outstanding, term, provider
Personal Details
  • Full names
  • Date of birth
  • Marital status
  • Nationality
  • Last 3 years address details
  • Current residential Status
  • Contact details
Affordability
  • Details of all credit cards or loans, amount outstanding and monthly payments
  • Details of all income sources
  • Occupation
  • Details of current employer or self employed details, including address details, type of business and length of employment
  • Retirement Age
  • Details of any regular financial commitments, childcare etc.
  • Details of any financial dependants
  • Anticipated Circumstances
Confirmation of the following
  • Have you ever had arrears of greater than one month on any mortgage or loan?
  • Have you ever been bankrupt?
  • Have you ever had a judgement for debt, or any default recorded against you or a company in which you hold/held at least 15%?
  • Have you ever entered into a voluntary arrangement with creditors?
  • Have you ever been refused a mortgage or any other bad credit?
  • Have you ever been convicted of (or have prosecutions pending relating to) acts of dishonesty, such as theft or fraud?
  • Are you currently applying for any other mortgage(s), loan(s) or credit?
  • Are you a guarantor for any other loans?
Property Details
  • Purchase price
  • Full address
  • Whether leasehold or freehold and full details
  • Property type, number of rooms and parking type
  • If a flat number of floors in the block, and floor of the property to be mortgaged.
3rd Party details
  • Solicitors details if free legals are not being used. If using own Solicitors then they need to be on the lenders panel.
  • Account details if self employed
  • Estate Agents details, which may be required for the provider to gain entry to value the property.