Are you planning to take out a loan to buy a house recently?
Living and working in peace and contentment is everyone’s yearning. With the current high property prices in the UK, many buyers will prefer to use loans to purchase properties. This article hopes to let everyone know the documents that need to be prepared in the early stage of the loan and how to prepare these documents to help you go smoothly on the road to buying a house.
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We will make different plans according to each person’s assets and income.
Loan Type
Fixed interest mortgages
A fixed-rate mortgage is one that guarantees your interest rate will remain the same for a period of time.
This gives you peace of mind because, unlike a variable-rate mortgage, you’ll know exactly how much you’ll need to pay back each month during this period.
Variable interest mortgage
A variable rate mortgage is a type of home loan in which the interest rate is not fixed. Instead, interest payments will be adjusted at a level above a specific benchmark or reference rate, such as the Prime Rate + 2 points.
Apply for a personal loan
For personal loans, the loanable amount is generally 3-4 times of my income. For example, with an annual income of £20K, the loanable amount is between £60-80K.
So what kind of proof materials need to be prepared in advance?
Banks or other credit institutions will require the borrower to provide proof of income for 1-2 years, such as P60, SA302, Tax Calculation and Tax Overview, Year-End account, bank statement, if the borrower has other properties, they need to provide their real estate prove.
Proof of income
If you are an ordinary office worker and have no other proof of income or assets, the documents you need to provide are: P60, recent pay stubs, and bank statements.
If you are self-employed (i.e. self-employed), you need to provide Tax Calculation and Tax Overview or SA302 documents to the bank or lender for review
For the legal person or shareholder of the company, in addition to Tax Calculation and Tax Overview or SA302, the company’s annual account may also be required for reference
Generally speaking, a legal person or shareholder only needs to provide Tax Calculation and Tax Overview to a bank or other credit institution when making a loan; however, in a few cases, an additional SA302 will be required.
Our Customers
“It is a pleasure to work with a company we trust, and their service makes me truly experience the customer first.”
“My wife and I were planning to buy a house for a long time, but we didn’t know English law or how to get government help to apply for a loan. It seemed harder than making money, and it wasn’t that hard until we discovered this company. We got our bank loan and put in a down payment, and happily we’ll be moving into a new house soon.”
“We work everywhere to earn money, and after ten years we are finally starting to plan our first home. I checked a lot of information on the Internet and even called the bank and didn’t get a satisfactory result. Thank you for letting me know the loan strategy clearly, I trust you and choose you.”
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Personal tax returns are very complicated, the above is just a very simple introduction. If you have other income, such as rental income, stock income, foreign income, interest income, etc., these income must be included in your personal tax return. If you have any questions or other considerations, we welcome you to contact us at any time.
