Documents needed for non-resident/overseas buy to let mortgages
We work with Charles Louis mortgage advisers. They are highly experienced in placing mortgages for UK and overseas buy to let investors.
As a general rule with mortgage applications; if you have the right documentation in place AND on time, the mortgage application process works very efficiently.
Below are example requirements from Skipton International for its for non-resident mortgage applicants.
Please note: This is an example document. This is not investment advice, please talk to a qualified mortgage adviser for specific information tailored to your needs.
Packaging guidelines (documents needed for a mortgage application)
As applicants are non-UK resident please note the documentation requirements may possibly be more extensive than for UK resident mortgage applications with other banks. Therefore please read these guidelines carefully. Applications will NOT be underwritten unless a full pack is received and incomplete applications will be returned to sender as underwriting cannot be completed until all packaging requirements have been satisfied.
Original Application Form and Direct Debit Mandate (must be signed in accordance with passport and wet signatures provided). All non-English documentation must be translated by a reputable translation company.
For each applicant please ensure that you provide the following supporting documentation with the application. The pack must be posted/couriered to [name of mortgage provider] as originals are required. If a panel broker, please contact the sales team for guidance on submitting applications.
UK Buy-To-Let application pack
Application Form and Direct Debit Mandate (must be signed in accordance with passport) and attach the following supporting documentation:
1. Photo identification
Certified copy of passport (our identification verification form, seen on page 18 of the application pack, should be used by the certifier). If not using the form, the certification needs to be include the wording “Having seen the individual and identification document at the same time I certify this is a true copy and that the photograph is a reasonable likeness”. Please ensure that the signature page of the passport is also provided.
Copies must be certified by a professional person. For a list of Acceptable Certifiers please visit https://www.skiptoninternational.com/sites/default/files/uploaded/forms/VerificationofIdentityHelpSheet.pdf
2. Address verification
Please provide one of the following as proof of current address (not required for previous addresses):
· Original letter from employer – this must confirm the current residential address and any correspondence address (including PO Box number)
· Original / certified copy of a Utility bill – no longer than 3 months old (excluding mobile phone bill or car insurance)
· Original / certified copy of a Bank Statement – no longer than 3 months old
· If a PO Box address is required, proof must be included as above (mandatory for clients in the UAE and Caribbean)
If the client wishes to use a correspondence address (that is not their residential address) you will need to supply the following:-
· Certified copy of resident’s passport(s). (Our Identification verification form, seen on page 18 of the application pack, should be used by the certifier. If not using the form, the certification needs to be include the following wording. “Having seen the individual and identification document at the same time I certify this is a true copy and that the photograph is a reasonable likeness” ).
· Original / certified copy of a utility bill of the occupier– no longer than 3 months old (excluding mobile phone bill or car insurance)
Copies must be certified by a professional person. For a list of acceptable certifiers please visit https://www.skiptoninternational.com/sites/default/files/forms/VerificationofIdentityHelpSheet.pdf
3. Income confirmation
Income must be from one source and cannot include rental income
i. Employed income
Please provide the following;
· Letter from employer confirming income, position and term of employment / or pension contract in English.
For a Purchase
· If one or more applicant(s) is a British Citizen: 2 months salary slips
· If the applicants are not British Citizens: 3 months salary slips
For a re-mortgage or further advance
· If one or more applicant(s) is a British Citizen: 1 months salary slips
· If the applicants are not British Citizens: 3 months salary slips
ii. Self employed income confirmation
Self employed applicants can appoint a local fully qualified accountant working in an accountancy firm with a minimum of two partners. The firm and accountant must be:
– Clearly identifiable
– Suitably qualified (local equivalent of ACA, FCA, ACCA, FCCA, IPFA or ICAS)
OR
Alternatively, self employed applicants can provide the last years final income tax assessment (where written in English).
iii. Pension income – can be from more than one pension provider
· Last 3 months pension slips (can be copies – certification not required) or if not provided:
· Most recent annual statement from the pension provider (can be a copy – certification not required)
4. Bank/credit card statements – can be copies, certification not required
Please provide the following;
For a Purchase
· If one or more applicant(s) is a British Citizen: 2 months bank statements
· If the applicants are not British Citizens: 3 months bank statements
For a re-mortgage or further advance
· If one or more applicant(s) is a British Citizen: 1 month bank statement
· If the applicants are not British Citizens: 3 months bank statements
These must show your salary / pension being credited and mortgages/ rent being debited. The statements must also be clearly identifiable, in English, detailing account holder’s name(s), account number, narrative, debits, credits and running balances. Please also supply your latest credit card statement showing transactions and limits. Further credit card statements may be required if the deemed necessary by the underwriter.
Any reversals, returned items or debit balances in excess of any overdraft limit should be fully explained with supporting documentation. (e.g. copy of savings account providing evidence of liquid cash available to cover these instances).
Skipton International is unable to process an application where you have either had any reversals, returned items or debit balances in excess of any overdraft limit within the last 3 months.
5. Mortgage statements – can be copies, certification not required
Please provide the latest 12 months mortgage statements for all mortgages held. Statements must detail account holder’s name(s), account number, narrative, debits, credits and running balances.
Skipton International is unable to process an application where you have either had a late or missed mortgage payment within the last 12 months.
6. Source of Deposit Funding
For all purchases you must complete the “Declaration of Source of Funds” form (seen on page 20) and provide supporting documentation: a list of acceptable documentary evidence is noted on page 21. This is not required for remortgages.
7. Gift received (where the deposit or other costs are being donated by a third party and can include gifted equity)
Where the deposit or transaction costs/equity are being donated by a third party, please complete the Gift Letter. Please provide supporting documentation which details the source of funds, a list of acceptable documentary evidence is noted on page 21. An amendable version is available on our website www.skiptoninternational.com/forms-download
8. Tenancy agreements
Please supply the latest copy of the Assured Short Hold Tenancy Agreement for ‘The Property’ if the application relates to a remortgage, equity release, further advance and revesting of names. Please see our ‘Property Letting Requirements’ at;
England & Wales: https://www.skiptoninternational.com/sites/default/files/uploaded/forms/Property-Letting-Requirements.pdf