Top up mortgage documents

[Goldief]

We took out a mortgage with BOI last January, we didnt draw down on the full amount offered, we are now looking to do renovations and draw down on the remainder.

My wife is currently pregnant, was stay at home mother when we got our first mortgage, is now in temp work but will be unemployed before we are looking to draw down. Will this dampen our chances?

Also, what documentation do they look for? bank statements, payslips ect....

 

[skrooge]

Unless you're original mortgage contract included stage drawdowns you'll most likely need to go through a new mortgage application.

Like before your current ability to repay will be assessed against the lenders current criteria and policies. There is no guarantee just because you were offered a larger sum before you'll be entitled to the difference now.

The documentation should be broadly similar to last time around i.e., proof of employment, pay slips, bank and credit card statements with the addition of your mortgage statment.

Obviously we don't know the particulars but a second income would have been a benefit. Since last time you've added an extra person to the cost of running the household - with another on the way - these are factors that a lender will consider. As is the fact you're a year older.

Other factors that may count for you are any pay increases you might have received. More broadly the interest rate cycle (policy rates any way) have eased even if mortgage rates here haven't moved by anywhere near the same amount.

While you have an existing relationship with your current lender it might be worth exploring switching your provider and consolidating any new loans into the process. If you're going to have to pull all that paperwork together you might as well get the most out of the process. This is something you should be able to do yourself but if you're concerned that your application might be marginal or need to maximise every penny, you might be as well off to go through a broker.

 

[Goldief]

They havnt asked for bank statement but have asked for details of other bank account, account numbers, sort codes, branches, credit or overdraft and amount in account, if they will be used for the mortgage.

My wife has barely anything in her account. So we will be saying not used for the mortgage. What will they check with these details?