What do I need for my Shared Ownership mortgage application?
1. Proof of identity and address (a passport or bill is fine!)
2. Evidence of your monthly payments
3. A stable income – payslips or tax return
4. Proof of your affordability
How long does a Shared Ownership mortgage application take?
A mortgage application process typically takes around 2 to 6 weeks to be approved, while a mortgage offer lasts 3-6 months. The sooner you get going, the better!
1. Get a mortgage advisor to help you shop for the very best deal for your circumstances.
2. You don’t want to end up with a plan with high mortgage rates, so it is worth shopping around to broker the best deal for what you borrow! As far as mortgage plans are concerned, it is key not to rush into anything without considering all the hidden costs.
3. It’s also a good idea to get rid of any outstanding debt that you may carry, as this will also improve your credit score and then possibly reduce interest fees.
4. Preparation is everything! Make sure that you have your proof of income (a summary of your yearly pay or tax returns) or any other important documents handy.
5. If in doubt, take your time! It always pays to keep a cool head, give your brain a rest and consider a range of different options (always read the fine print!).