Preparing for a call about mortgages and equity release

We need to know:

• How much you need to borrow
• What the reason is
• If you will need more time

We need to know:

• How much you owe
• How much you are paying in interest rates on your debts

If you are not sure, we will need to ask you for your current balance statements.

We need to know:

• Mortgage balance: how much has been borrowed and is to be repaid
• If you need to pay any Early Repayment Charges
• Your current interest rate
• If you have spoken to your lender and gained any details about available offers

We will need details of:

• All income - wages, pension, benefits
• All spending - everything you need to account for

Don’t have your income and spending to hand? Use our budgeting guide.

We will need to know:

• How much value you have in assets
• Who owns them, if they are shared
• Do you use them?
• What is the interest rate?
• What is the fixed rate period?
• What is the fixed rate period?

If you are considering buying a property and are yet to make an offer: We will refer to a mortgage advisor to check you are able to afford to buy it.

We need to know:

• Term of lease remaining
• Ground rent each year
• Service charge each year
• Details of the freeholder (if applicable)

We will need:

• If paid monthly: Last three months
• If paid monthly: Last 13 weeks
• And if you want to include any bonus or commission: Your last two P60s

We will need:

• If you have been trading for three years or more: Last three tax years’ SA302s and the last tax year overview
• If you have been trading for less than two years: Last year’s tax year SA302. And the previous year’s, if you have one
• If you are not able to get your SA302s: Last three years fully audited trading accounts
• If you are a contractor: Last 3 months payslips and most recent employment contract

For all benefit income types we will need:

• Most recent benefit statements (issued within current tax year). This statement must confirm agreed weekly/yearly income

We will need details of all pensions if the mortgage will go on beyond the state retirement age.

State pension income

• Recent tax year statement: Showing the monthly or weekly payment and the yearly total

Private pension

• Recent tax year statement: Showing the current pension fund total and current or expected monthly or annual income
• Latest 3 months payslips: Showing the payment amount and contribution
• Statement of benefits to be transferred to partner in the event of passing

Lenders often need a confirmation statement from the pension provider.

We will need:

• Latest three months bank statements

We will need to see:

• Any singular or combined major structural repairs or improvements costing at least £20,000

We will need confirmation of:

• The income and ownership
• Total value and monthly income based upon a very recent statement or confirmation letter
• Due date and value to be received

If using a mortgage to consolidate or partially clear debt, we will need:

• Details of a completed debt advice session
• Details about your payment plan

If you are with StepChange, you can share your personal action plan.

We will need:

• A copy of official document stamped by the Court of Protection

We will need to see:

• Any singular or combined major structural repairs or improvements costing at least £20,000

If using a mortgage to consolidate or partially clear debt, we will need:

• Details of a completed debt advice session
• Details about your payment plan

If you are with StepChange, you can share your personal action plan.

We will need:

• A copy of official document stamped by the Court of Protection