To make the advice process as easy as possible for you, having some information ready is a very good idea. There are some things that you will need to have to hand, such as documents that will be used to confirm your ID, and then there is information that you can have available that will help us to understand your current circumstances. Here is our Advice Process Checklist.
ID
Whether you are taking a Lifetime Mortgage, a standard mortgage or even just opening a bank or savings account you will be familiar with providing ID. We require that you have at least two items of ID, one with a name and photograph, such as a Passport or Driving License, and another such as a utility bill which shows your name and address. In joint cases then these are needed for each applicant.
The ideal is to have a Passport and Driving License each, a utility bill (joint names are fine) and the last month’s bank statement showing the name and address. Utility bills must be dated withing the last three months. We like to see the current Council Tax bill as well as it carries details of the tax banding of the property which is useful to have.
We understand that many of our clients do not have a current drivers license or passport and that is fine. Lenders understand this also and where we can’t provide the “first choice” documents, we can find alternatives that will be acceptable. One last thing on these documents , we take copies while we are with you so you don’t have to worry about giving originals away.
Your financial situation
The more we know about your financial situation, the better the advice we can give. We must be told about any mortgages that are on the property, including any secured loans. This is because they will have to be cleared in order to take a Lifetime Mortgage. Many people use a Lifetime Mortgage to repay existing mortgages and secured loans in order to improve their cashflow.
Other debts, such as unsecured loans, credit cards and leases for cars for instance are also important to know about when giving advice about whether a Lifetime Mortgage is suitable.
Taking a Lifetime Mortgage can affect entitlement to means tested benefits so we need to know whether you are currently in receipt of such benefits, or whether you expect to do so in the future.
A rough estimate of any savings or investments that you have, and the purpose for which you have put them is also important. It might be that taking from initial reserves is a better idea that taking a Lifetime Mortgage.
If you have any pensions that you haven’t started taking yet, or have pensions such as a SIPP, where your fund is being managed, then it is possible that taking funds from there might be a better idea for you.
Finally, it’s also helpful to have a summary of your regular income and expenses ready.
Buildings Insurance
All lenders will require you to have adequate buildings insurance, so having a copy of your current insurance schedule on hand can help confirm the level of coverage. If necessary, adjustments can be made before the application. If there are two applicants, both should be listed as policyholders.
Solar Panels
If you have solar panels of any description, please tell us straight away. If you own them, and have all the necessary paperwork that should be fine for most lenders. If you did not pay for the installation, or they are leased you will need to produce the Micro-generation certificate and a copy of the lease.
