Applying for a mortgage?
We have a secure, easy to use, customer portal for you to provide all the required information but if you prefer traditional methods, such as post or email, we can also receive documents in this way.
How much deposit will I need?
The size of your deposit affects the amount you will need to borrow and the interest rate that you will pay. A bigger deposit may give you access to better interest rates because the ‘loan-to-value’ ratio is better. For most mortgages you need a deposit of at least 5% of the price of the property you want to buy. Our advisers will be able to tell you exactly what deposit will be required for your house search so speak to them before you start house hunting.
How much can I borrow?
These days, lenders use affordability criteria to determine what they will lend, so unfortunately the simple days of multiplying your salary are gone and you cannot rely on the many mortgage calculators that are available online. To further complicate matters, different lenders have different criteria! This is where we can really help you – after discussing your circumstances we can tell you how much you can borrow and identify the lenders and mortgages that are available to you.
What paperwork will I need?
As a minimum all lenders will require proof of identification, such as Passport or Driver’s License, and proof of address, such as a Utility Bill or Bank Statement, and proof of income.
We will also ask you to complete a ‘Fact Find’ to gather information about your financial situation, like income, expenses, assets, and debts, to ensure that we understand your needs and can tailor our advice. To avoid delays it’s vital to complete the information fully and accurately, declaring all debts and credit obligations.
I am self-employed or contracting
Many of our customers are self-employed, contracting, or part self-employed/part employed, and we are very experienced in applying for mortgages for people in this situation. Most of the time lenders will ask for SA302s (tax calculations) or sometimes business accounts or accountant’s certificates. Whatever the request, we can guide you through the requirements and make your application as simple as anyone else’s.
We also offer, and encourage, an informal consultation to explain how to manage your business accounts to help plan you for your mortgage application well in advance.
How can I prepare my finances for an application?
Each lender has different lending and affordability criteria, but the general guidelines apply for most. Essentially, they want to check that your out-goings do not exceed your income, that your finances show you can afford mortgage repayments and that you can demonstrate a history of good financial management. The mortgage lenders will want to see how you conduct your finances and will look carefully at your bank statements and credit history. To make your application easier, here are some general guidelines of what to do when you are thinking of buying a property:
- Try to avoid using your overdraft facility (some lenders may not tolerate you being in your overdraft at all in the last three months).
- Avoid credit searches in the 3 months prior to your application, this includes applying for mobile phone contracts, or monthly payment plans.
- Build a healthy credit report by ensuring repayments are made on time.
- Always pay all your bills on time.
- Do not take a pay-day loan!
- Sort all your paperwork in advance so that you can provide it as soon as it is requested. You will usually be required to provide your last three payslips, passport or driving licence, proof of address and proof of deposit. Some lenders will also ask for recent bank statements
Happy Customers
We have been helping people arrange their mortgages for years; we are very lucky to receive many lovely cards and reviews, and we are thrilled that many of our customers recommend us to their friends and family.
Read our reviews
Help and Advice
If you have any questions, or would like some guidance before starting the process, we are happy to help.
Feel free to call us on 0118 4028971.
In the meantime, if you would like to know a little more about mortgages, please take a look at our FAQs.
Why Clark and Poole?
We have a very experienced team – our advisers have been helping people arrange their mortgages and life insurance for over 30 years. We are driven by a desire to get our customers the best deal and importantly we aren’t governed by the sales targets of any organisation – we act solely in your interests.
It is fair to say that we aren’t easily beaten and enjoy the challenge of getting customers a mortgage where other advisers have been unable to help. We are extremely tenacious and will pull out all the stops to get you what you need. If you hit any bumps in the road, we will fight hard on your behalf to resolve the issues.
Get in touch
Arrange a free consultation now - call us on 0118 4028971
