When you have decided on a mortgage that you think is right for you, the next step is to make the application to the lender. You can arrange an appointment with a mortgage adviser if you're dealing with a bank or building society or there are many lenders who will encourage you to apply by phone or online
Essentially you will need to provide the same information whoever you apply to. This information will include proof of identity documents such as a birth certificate or a passport. You'll also need to provide proof of income meaning pay slips and P60's. Your lender will also want to know about your current financial commitments such as other loans, credit card debts and the like, so you will need to bring in your bank statements (most lenders require at least three months worth). On top of this you may need to provide letters of reference from your employer or your landlord. If you are self-employed and are applying for a standard mortgage you'll need to supply a minimum of three years worth of audited accounts and a letter from your accountant.
Of course, you'll need to fill out the application form as well! The lender will then perform a credit check to make it's sound and that you have no loan defaults or a history of missing debt repayments. They will subject your application to a credit scoring assessment. Each lender has a system such as this to help them determine whether they consider you a good risk for lending purposes. They apply a 'score' to each answer in your application and there is a minimum you must achieve in order to meet their lending criteria.
The lender will also need to perform a valuation on your proposed property purchase to make sure it's a sound investment.
