What is mortgage eligibility?

Stuart Bowman

3-minute read

Last updated: 12th February 2020

Are you eligible for a mortgage?

Mortgage eligibility sounds official, but it is quite simple. We can tell you in a couple of minutes if you're eligible for a mortgage

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Mortgage eligibility covers all the processes and criteria banks and lenders use to answer the question can you get a mortgage with them.

It's quite high level stuff, so don't fret too much about it. Mortgage eligibility doesn't require the same level of financial scrutiny as mortgage affordability or underwriting.

Equally, that's why even if you're eligible for a mortgage, you may not be offered a mortgage by the lender.

What affects your eligibility for a mortgage?

Every lender is slightly different, but generally a lender will decide if you're eligible for one of its mortgage deals using a mix of the following:

Although mortgage eligibility does touch on some of the same criteria as mortgage affordability, it is slightly different. Mortgage eligibility is a series of quick checks right at the start of the mortgage process, while affordability tests take place in much more detail, especially in the underwriting stage.

What do you need to prove you're eligible for a mortgage?

You'll need to prove your identity and your address. You can use a mixture of your:

  • Passport
  • Driving licence
  • Council Tax bills
  • Other utility bills

You'll need some evidence of your income:

  • Your most recent payslips
  • Certified accounts or SA302 forms if you're self employed

And an initial overview of your affordability or outgoings.

This is normally done with 3 months’ worth statements. Some lenders will be happy at this early stage for you just to detail a list of outgoings, but you will be required to offer bank statements as you make your application official.

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