If you don’t have any of this paperwork to hand then no worries! You can use your driving license as proof of address however, you won’t be able to use it for your proof of home ownership.
You will need to dig around and find your last three months payslips. If you’re unable to find them, then you can ask your employer if they can get them for you.
If you’re self-employed, then no worries! You’ll just need to provide the last two years tax calculations.
Keep in mind that the time in which you are paid affects how many payslips you’ll have to provide for instance:
Are you paid monthly?
If so, you’ll have to provide three months’ worth of paperwork.
You will be required to bring the last three months’ worth of bank statements when you apply for your mortgage.
Proof of benefits.
If you’re receiving benefits, then you will need to provide details of the benefits you receive.
Tax return showing statement of business activities
Are you self-employed or earning money from more than one source?
If so, then you will need to provide tax return reports showing statement of business activities, along with your Notice of Assessments (NOA) . You’ll be asked to provide the last two to three years’ worth of paperwork.
Credit report – We can approve you with Good or Bad Credit circumstances
Lastly, you may want to know the contents of your credit report! In order to apply your lenders may need to see your credit report and credit score, which your mortgage broker can assist with.
When you’re starting your application, keep in mind that your second mortgage lender is looking to see if you can afford to pay them back and what your financial stability is. To ensure your application is approved be upfront with your mortgage agent regarding your circumstances.
Now you know what paperwork you need to give your lenders, why don’t you get started and apply for your home equity loan second mortgage?
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