You might be thinking about applying for a mortgage. There are many lenders out there, from the major high street banks and building societies to newer challenger banks and specialist mortgage lenders. Since the Mortgage Market Review rules came into force in 2014, lenders have had to look much more closely at whether borrowers can afford their mortgage. Here is a quick overview of what a mortgage lender will need from you.

The Property

Your mortgage adviser or lender will ask whether you are buying a freehold or leasehold property. Freeholds are usually straightforward, but for leasehold properties, which are usually flats, lenders want to know there is plenty of time left on the lease before they will lend.

Your Deposit

Lenders will want to know how much deposit you have. Some mortgages are available with a 5% deposit, but you will usually get better rates with a larger deposit, such as 10% or more. You may also need to show where the deposit has come from.

Proof of Income

Lenders will want to see proof of your income, such as recent payslips and bank statements. If you are self-employed, you will usually need your SA302 tax calculations and tax year overviews from HMRC for the last two or three years, or accounts prepared by an accountant.

Your Outgoings

Make sure you have a good grasp of all your outgoings, such as credit cards, loans, childcare and other regular commitments, as lenders will take these into account when deciding how much they will lend. They will also check your credit history.

The Next Steps

Once your mortgage is in place, you will want a survey of the property you are buying. A firm offering a Building Survey Birmingham can carry out the next part for you.

Related: What is a guarantor mortgage?