What do you need to prepare for mortgage approval in principle?

misc2013

Hoping to Be in the market in the new year. Any advice on what's needed for banks? I own a property. What Will they be looking for so I can be getting documents together in the meantime. It will be a joint application. Thanks

tobsey

I got this list recently from one bank. They’re all pretty much the same:

Application form:
Please note Page 10 of the application form must be signed – SEPA declaration and credit reference search. If either of these sections are not signed the application will not be reviewed until original signatures are provided

Income Verification:
Up to date original Employee Status Report completed & stamped by employer within the last 2 months
3 recent original payslips (latest within the last 2 months)
Most recent original P60 for each applicant


If self-employed:
Financial / Audited accounts for the two most recent financial years
Form 11 and Chapter 4 for the last 2 years
6. Tax Clearance Certificate
7. Details of contracts held

Bank Statements:

Please note that account statements must contain Name, Address & Account number, transaction lists will not suffice

6 months original continuous Current Account bank statements (the latest dated within the last 2 months)
Most recent original Mortgage statement (if applicable)
Most recent term loan statements (if applicable)
6 months savings statements / balance of funds required for a property
3 months original credit card statements (the latest dated within the last 2 months)

Identification:
1. 2 proofs of photo ID for each applicant (e.g. passport and driver’s licence) - colour copies
2. 2 proofs of address for each applicant (e.g. utility bill, certificate of insurance) - dated within the last 6 months

Other:
Separation agreements or any other relevant legal agreements
Detailed estimates for any renovations (if applicable)
3. Marriage Cert (if applicable)


You possibly won’t need the ID stuff for your own bank if you’ve provided them before

misc2013

tobsey wrote: »

I got this list recently from one bank. They’re all pretty much the same:

Application form:
Please note Page 10 of the application form must be signed – SEPA declaration and credit reference search. If either of these sections are not signed the application will not be reviewed until original signatures are provided

Income Verification:
Up to date original Employee Status Report completed & stamped by employer within the last 2 months
3 recent original payslips (latest within the last 2 months)
Most recent original P60 for each applicant


If self-employed:
Financial / Audited accounts for the two most recent financial years
Form 11 and Chapter 4 for the last 2 years
6. Tax Clearance Certificate
7. Details of contracts held

Bank Statements:

Please note that account statements must contain Name, Address & Account number, transaction lists will not suffice

6 months original continuous Current Account bank statements (the latest dated within the last 2 months)
Most recent original Mortgage statement (if applicable)
Most recent term loan statements (if applicable)
6 months savings statements / balance of funds required for a property
3 months original credit card statements (the latest dated within the last 2 months)

Identification:
1. 2 proofs of photo ID for each applicant (e.g. passport and driver’s licence) - colour copies
2. 2 proofs of address for each applicant (e.g. utility bill, certificate of insurance) - dated within the last 6 months

Other:
Separation agreements or any other relevant legal agreements
Detailed estimates for any renovations (if applicable)
3. Marriage Cert (if applicable)


You possibly won’t need the ID stuff for your own bank if you’ve provided them before

Most recent term loan statements (if applicable) - is this regarding any other loans e.g.car loan/ credit union?

tobsey

misc2013 wrote: »

Most recent term loan statements (if applicable) - is this regarding any other loans e.g.car loan/ credit union?

Yes. I had a very small credit union loan of 300 and I’d put it on the form but forgot the statements. I got a follow up email to say to send the statement in.

By the way you’ll only need statements for accounts outside the bank. We’re with AIB so only had to send them credit union statements. The other banks we applied to needed all our statements, 3 current accounts, one savings, one mortgage and one credit card, plus credit union.

jc11

If you're selling your current property you may need NPPR clearance certificate, this was a nightmare for us took weeks due to council not receiving my online applications. You'll need bills in your name from the years required.

We had to ring electric Ireland to send out bills from 2011&2012.

Delayed things by a couple of weeks for the sale of our house as the solicitor couldn't proceed without it

misc2013

jc11 wrote: »

If you're selling your current property you may need NPPR clearance certificate, this was a nightmare for us took weeks due to council not receiving my online applications. You'll need bills in your name from the years required.

We had to ring electric Ireland to send out bills from 2011&2012.

Delayed things by a couple of weeks for the sale of our house as the solicitor couldn't proceed without it

Thanks. My solicitor is v proactive and gave me a list of documents to gather now to save time later. I'm chasing those utility copies!