Online Signature Licitness for Mortgage Quote Request in United Kingdom

How to eSign a document: online signature licitness for Mortgage Quote Request in United Kingdom

today we're going to be discussing all the documents that you need for your mortgage application hello welcome back to our channel and podcast my name is gemma and here at wis we talk about all things relating to money mortgages and positive money mindset so if that interests you then be sure to subscribe to our channel and hit the thumbs up it really helps with our youtube algorithm and it means that you won't miss out on any of our videos on today's episode of let's talk money and mortgages we have iftty joining us and for those of you who don't know ifd ifd is a trained accountant and mortgage advisor who has been in the industry for over 11 years and he is also one of the founding directors here at wis welcome back fd how are you doing today hi i'm very well thank you how are you gemma i'm very well thank you so today is another sort of popular question we get you know what documents do we need to supply for our mortgage definitely not like a simple question to answer is it there's quite a few documents that's right yeah it depends on the lender and depends on what type of work you do so it really varies on what type of application it is so the documents can vary a lot yeah so what we're going to do today for you all is we're going to be going through them one by one and we will point out as we go along you know if this is applicable so we've got a section for contractors and self-employed as well so let's get started okay first document that you'll need is a copy of id usually it's two forms of id isn't it yeah it is yeah i mean back in the days i think one form of id was okay somebody had a passport or a driving license it was fine but more and more lenders are now asking for two forms of ids so very likely you'll need two forms of it's generally a passport and a driving license and you know most of the people who are applying for a mortgage they'll be over 18 years so they will have driving license as well as passports anyway so banks will generally insist on two i mean there can be exceptions where people don't drive right so at that point we may have to contact the bank and see you know that particular bank how they want to handle that case right otherwise usually they require two forms of ids nowadays yeah because they run certain checks on you in the background and it's easier for them to run these checks if you have two forms of ids yeah and i just wanted to add in here that if you are you know here on a visa or ilr then they'll also ask to see that as well won't they ifd yes that's right they'll definitely want to see that stamp on your passport that you're on a visa or sometimes there's a visa card as well right so if you want a visa they give you a card right so they'll want to see your copy of that as well if you're on that right but yeah so that that's part of the passport all right second thing we've got on the list is proof of address yeah obviously lenders like to know where you live right they like to see some stability right so if you're living in a hotel and applying for a mortgage they're unlikely to like that right they like to see that you're living in a particular house and they like some stability as well right because they usually say if you're moving four five times a year lenders generally don't like it because they think you're not very stable right so they will want to see your latest proof of address usually the proof of address is a utility bill when i say utility bill i'm talking about a gas bill electricity bill maybe water bill council tax bill right so those are the ones that they are after some lenders might accept your bank statements as well some don't they say that's a different form of identification right so usually they want this so if you are living with your parents and you know you might want to consider putting yourself in one of those bills as well right because especially things like council tax bills they like to see your name on it right so it's easy for them to verify utility bills does not include things like mobile phone bills right because some people bring their mobile phone bills and say look this is my mobile phone bill i live with my parents but i pay my mobile phone bill but banks don't accept mobile phone basis right so it's generally those main utilities that they are talking about yeah thank you point number three we've got three months bank statements that's right so the lenders will want to see what kind of expenses you're having whether your salary is reflected in your pay slip you know those kind of things right so mainly your expenditure patterns they want to find out what it is so they will want three months bank statements from you right so it doesn't have to be like a paper form most of the time you can download bank statements but please if you're downloading lenders will want to make sure that they see your address they see your sort code and your account number on your bank statement because some banks i know people download statements it only shows your name right yeah and sometimes clients walk into uh one of these machines in the bank and they download a statement right now that statement only has the name yeah for whatever reason it doesn't have everything else right so you know you won't find short code account number and all that just data sometimes you don't find it so we need to make sure that that is there if not you might have to go to the bank with some banks i know they don't have all this detail right especially the overseas banks who have uk branches i've seen this they don't have all the detail so then you may have to walk into the branch and get one of the branch officers to certify your documents right saying that this is the genuine statement sort of thing right so we'll have to be careful but if you have like if you work with a mainstream bank you shouldn't have this problem because they know what is required right so it will be there yeah thank you fd number four we've got credit report that's important as well isn't it yeah so creative a lot of people ask me why do i need to create reports you don't right but the problem here is nowadays lenders want you to be very accurate when you input details in your you know application right i'll just give you an example you know which will sort of highlight this right so if i ask the client okay so what's your credit card balance they'll say it's five thousand right or two thousand whatever it is they wouldn't know what the exact number is right but that number five thousand might have been now the last month it may have been something else right so when the banks run a credit search right they see what they can find with credit reference agencies so if there is a deviation from that real number they do have a problem right because sometimes they say that you there's undisclosed credit right so that undisclosed credit can be a negative for your application right so that's why you have to be very careful so that's why nowadays most of the banks say get the credit reports off the client and put all the details as for the credit report because that's what we are going to be crosstalking with so we just need to be make sure that you have everything and this is a common one too right people move into houses they get a furniture loan they go to the store and they say you know what you want to buy that bid by zero percent for four years you're only paying 20 pounds a month right people are like okay so why do i have to pay 500 pounds 800 pounds for the bed you know whatever the number is and then they say okay i'll pay 24 a month but because it's 20 pounds they sometimes forget it's a loan because it's not massive right so sometimes they forget so that you find it in the credit file right so if you don't disclose that again that can be done as a undisclosed credit right which can have negative impact on your mortgage application so that's why this credit file is important getting your mortgage online doesn't have to be complicated at wis our website will help guide you through step by step our fully qualified advisors can help you get the most suitable mortgage for you then you can relax safe in the knowledge that wis are working in the background to get your mortgage approved wis online mortgages made simple next on the list we've got direct debit details why do we need direct debit details so gone on the day is where you go to the bank and give them a check and say here's my mortgage payment right that doesn't happen anymore so the banks will want you to give your direct details you know you can't set up your own standing order one of the conditions of the mortgage will be that we pay by direct debt right so they will need your direct debit details for sure every month to take the money out of the account thanks empty next we've got on the list is the property details and estate agency details yeah of course so if it's a purchase they will need a city agent's details or if it's a new build they will need uh you know the builders details because that's the one they're going to contact the book the valuation right so they will need that but obviously if it's a rental property again they'll need estate agents details if you are renting through a estate agent because they are the ones who will arrange the viewing for the property when it comes to calibration right so for that reason they will want that but if it's your own property and you know if you're doing a re-mortgage it's a different story you they'll just need your details because they're coming to your house right so they will want somebody to contact right so you'll be the ideal person so that's probably uh the best thing to do sometimes people don't use estate agents for the sale sometimes they don't use estate agents for things like renting out as well it's becoming more and more common now because of you know these online channels that you have right you do your own sales or you rent it out yourself sort of thing right so with that nowadays you know you can give details but you know if you're going through the traditional method which most people do you will need the estate agent's details yeah thanks fifty number seven solicitor details yeah i mean if you're buying a new house or even if you're any more engaging to another lender you generally need solicitor details right so especially with the new house you will have to use your own solicitors because banks won't give you free solicitors so because of that you need the solicitor's details often you know they're the contact person with the solicitor because some solicitor firms have about 100 solicitors right so you'll need the contact person they address the postcode phone number email things like that if you are doing a remortgage sometimes banks give you free solicitors right so if they are giving you free solicitors you don't have to worry about it you don't have to give salsa details but otherwise if they are not giving you free solicitors and maybe they are giving you some cash back then you have to find another facility as well right so you need solicitor details but this make sure that that particular solicitor is you know in the panel right because often we find when you go to especially a smaller bank they only have limited solicitors that they work with right so you know you just need to make sure that that solicitor is on the panel of the bank right if not it's not the end of the world quite often you can register yourself at the bank right subject to you meeting the banks sort of enrollment criteria you can get onto that panel right but it's always easier to get a solicitor who is sort of independent right so yeah thank you fd so let's kind of now talk about contractors and self-employed because there's a few extra things isn't there that they kind of need to provide which the regular employee person won't so we've got tax overviews here yeah so if you look at a contractor often they want your contract right and they want your cv sometimes right because the other day one of my clients said are you going to offer me a job right is that why you're asking me for the cv but it's not right because if you are a contractor sometimes you've got to prove that you have been a contractor for a while so you need to prove that you know they want to look at your work history as a contractor so they often ask your cv as well right they will ask for your tax returns you want to make sure you're paying tax right and they will ask for your tax overviews right the essay 302's or your return summary will show how much tax you need to pay right and how it's made up of and tax overview will show the tax being paid right because again we find sometimes clients come and say look i earn 50 000 pounds but then when you look at the tax review they have not paid the tax right so hmrc is not going to be happy about that right because you have not paid your tax right so you just need to make sure that you're paying the right amount of tax as well for you to be sort of 100 sure that the you know the banks are happy right so just make sure all your taxes are paid right so that's something that they look at obviously over the last few years something called a insider 35 contract has emerged so if you are insider 35 they will ask for your contract plus they will look at your face slips coming out of your umbrella company right quite often they work through an umbrella company so they will ask for the umbrella company pay slips right depending on the bank quite often they ask for three months payslips sometimes they ask for more sometimes you know based on the bank's criteria they will ask you for a whole year's fair sleep right so if you're getting paid weekly for a whole year 52 pair sleeps right i mean that's quite rare but i have seen that happen right so they will last that as well yeah on top of that stuff yeah and sometimes they also ask for the contract between you and yes that's right that happens with if you are within a 35 you can have two contracts right because sometimes you have a contract between your end client and the agency and then the other contract between the agency and your umbrella company and there'll be another contract between your umbrella company and you right so sometimes they ask more than one contract to make sure that all the numbers really add up right so that's what they maybe last great so yeah thanks fd and then what about if you're self-employed what's the difference is that now what extra documents will they need there so self-employed is people who work for their own business right so you can either be a company director or you can be you know proper self-employed meaning you're trading under your name right so a sole proprietor or partner can be self-employed as well right so those three are the categories you normally find with self-employed now if you are a company director they will want to see your company accounts and if you're self-employed like a partner or if you are a sole proprietor they will want to see your business accounts as well right this is not bank statements this is your business accounts to show your profit and loss right so they will look at that they will ask for your sa 302s and the tax overviews so all these sort of needs to match right so that's what they're after so they will look at that as well on top of that they will want to look at your business bank statements right so they will last for three months business bank statements right so because they want to make sure that your business is making money right because your accounts might be six months old right at that time you may have been good money but now six months later you might not be making money right so your affordability is based on your accounts right but they want to see that trend continue so they will last for your bank statements for three months if they're not happy they might even ask for six months from you so you'll have to be ready with that kind of information as well if you're self-employed yeah thank you fd so we've now got to additional things so let's just talk through some of the other things that you'll have to sort of tell us when we make our application for you guys you know if you're employed they definitely want your payslips again with underwriting you're never sure what they will need right you know they just have a standard list like if you go to bank a they will have a standard list but then when you apply if one writer wants to verify something further what they'll do is they will ask for more details right if you give three months pay slips and they're not comfortable with what they see they say can i have three more months right so they could ask that question so they will so if somebody just started work and have three months basically sometimes write to the employer and say okay can you just confirm that this person has been working with you for three months and you don't have a problem that person working with you and there's a possible future for that person in that company so they might do things like that as well so those we don't know right so you know these lists can get silly but you know we generally stick to what is required by the bank but if the bank requires something more obviously you know we will tell clients right but in general this is what you need yeah such things like three years address history national insurance numbers sometimes current employer details those are the things that might come up yeah right yeah that's right so yeah so very likely they will ask those questions anyway but that's sort of your advice i would ask you those questions right you know because they will want to verify certain things so they will ask you for your national insurance number sometimes they'll ask soft facts like how many kids have you got you know that kind of questions as well because sometimes banks like to know what your background is right so there will be some soft stuff that they will ask you about as well yes and the next thing we wanted to mention is something called getting your documents certified this might be something that you're asked to do isn't it fd yeah more and more banks want your documents certified by a third party some banks are okay they love you to do electronic verification but still you know the banks will say can you please go to the post office and get your documents certified right it's still very common quite often clients say why would i have to do that right but you know they just want a third party to verify your documents right i know in exceptional cases they have been up people like a solicitor or somebody to verify the documents as well right but often it's a post office that you have to go to verify the documents right i mean unfortunately post office might charge you something like 10 pounds or whatever it is i'm not sure but you know something in that region but you know they'll be more than happy to sign off your documents they're just verifying that they've seen your documents that's all yeah thanks fifty is there anything else you wanted to add to the video today yeah obviously like i said documents could get crazy with certain lenders or you know type of application or depending on the underwriter who's looking at it right so it could get complicated right so i think it's always best to speak to some kind of advisor right if you're planning to buy a house in six months plan your documents now right because the last minute you don't want to realize that i need two forms of id and i only have one because my passport has just expired right so that'll be a horrible situation to be in right so these kind of things you can plan in advance right so it's always best to speak to somebody early enough right so that you know you're ready right because like i said could be anything right because i'll just use another example you know one of my clients his parents is gifting him money right so the money is coming from overseas right so if the money is coming from overseas the rules are slightly different right banks wants to see something called audit trail how that money came from those is bank account to your bank account so they'll want to see that audit trade so it could be different right so just because your friends parents gave them money and you know they were looked at in a different way it might be slightly different for you it could be because of the lender as well because each lender is different right their rules on these things can be different it's always good to sort of seek some advice upfront right so so that you know you're planning maybe that's the most important thing the last thing you want is find your dream home and then realize because of something really silly which could have been avoided you missed out and because of that you're losing the house right so therefore it's always good to plan this in advance so it's always best to speak to an advisor as soon as possible yeah definitely and i also just wanted to add on to that that because of the situation at the moment it seems like the rates are changing quite rapidly you know we'll do what we can to help you you know ensure that you get the rate that we've sort of provided you with but if you've got all of those documents ready to go once you've got the offer accepted then we can submit the case because everything's ready where sometimes what happens is people get the offer accepted then they ask for what documents they need and then that's like a two-week process or week process and then sometimes unfortunately what's happening at the moment is the rates are changing in that time frame so i would definitely say the quicker that you can get some of these documents together you know before you've even found your property that might be better and especially moving forward with the rates changing so frequently thank you again for joining us today i just wanted to put a reminder out there that these points may or may not be applicable to everybody so please do check with an advisor if they're suitable for you and if you don't have an advisor i will leave rws council details below as we are always more than happy to help a little reminder that as a mortgage is secured against your home or property it may be repossessed if you do not keep up with the mortgage repayments thank you for joining us again today we'll be back next week with another episode of let's talk learning languages have a great day stay safe [Music] you