If you are self-employed and looking to get a mortgage in the near future then it’s very important to know that when you go through the mortgage application process, the lender will require 2 forms of Photo ID. To many this may seem like a ‘no-brainer’ however the reason I felt compelled to write this article is because I have recently had clients go for their mortgage application and realise they don’t actually own 2 forms of Photo ID – not just ID.
If you fail to have the correct type of Photo ID when the time comes then your mortgage application can become seriously delayed (due to the time required to gain official documentation) and also in-turn end up losing you the specific mortgage you were planning to get. So it’s imperative you have 2 forms of Photo ID ready before you apply for your self-employed mortgage.
What type of Photo ID do I need for a Self-Employed Mortgage Application?
Most of the mortgage lenders will only accept 2 types of Photo ID which are:
- Driving License
That’s it! And just reiterate – you need 2 types of Photo ID to get a mortgage…so guess what…yep…you need both. Limited choices eh?
So the reason I had to write this blog is because many people overlook this aspect when applying for their mortgage and suddenly realise they have only one type of allowable Photo ID…or neither! The reason it’s so important to ensure you have both of these ID’s before applying for your mortgage is because these are official documents, meaning they have to be issued by the government and therefore can take a long time to come through; for example the wait time currently on a new first-time passport is 6 weeks! No mortgage lender is going to wait 6 weeks to complete your application.
Many people out there either don’t drive, don’t own a passport or have an expired passport – all of which are very unhelpful when it comes time to apply for a mortgage unfortunately. The clients I mentioned above are a solid example of what not to do…one had a driving licence BUT an out of date passport – the other partner had a valid passport BUT didn’t drive and therefor didn’t have a driving licence. So they both had to put the mortgage application on hold whilst they went and got the required ID. By the time they came back to continue the process, the mortgage rate they were aiming for had risen.
So please let this be a word of warning for any self-employed people out there going for a mortgage. Ensure you have BOTH a valid passport and driving licence before applying for your mortgage.