The new world of MMR – calculating affordability in to the future
That said, business remains brisk and lenders are keen to move their mortgage funds quickly and have targets to hit in the remainder of the year. So, if everything about your application makes sense then there should be a lender and product ready to fit your requirements. With this in mind a very important part of the application process is the completion of a Fact Find. No self respecting mortgage broker will be without one! This is a data capture document which examines everything about the applicant in a financial sense ensuring that the advisor has as full a picture about you as possible before providing formal advice and recommendation. At that time, your advisor will also require a great deal of supporting documentation as part of the process. This will include the need to prove identity and residency, usually by way of a passport and utility bill. Other required documents will include proof of income by way of pay-slips or accounts and three months personal and business statements. The list is not exhaustive and will be determined by individual lender requirements and these can vary quite widely. Don’t be surprised as the lenders are entitled to gather sufficient information about you to make a reasoned and sensible lending decision.