for borrowers

Ready for your Mortgage Interview?

Buying a new home or planning home improvements is an exciting time and we’re here to help you make it happen.  At The Cambridge we aim to make your mortgage journey as clear cut as possible, even though it may feel a little nerve wracking at times.

Our Mortgage Advisers are on hand to help you and if you can't get to a branch, we also offer a telephone mortgage application process which means you can apply from the comfort of your own home. 

Purchase, re-mortgage, further borrowing, or other changes to your existing mortgage

We'll need to gather information from you during your first appointment to ensure that the mortgage you're asking for, or changes you're looking to make (if your mortgage is already with us), is affordable for you.

We’ll need to have confirmation of your current income and need to gather information around your outgoings. Please be prepared to provide a breakdown of your estimated monthly expenditure in the following areas (you may find it useful to have your bank statement):

Committed expenses
Credit card payments
Loan payments
Overdraft payments
Maintenance payments
Life insurance

Fixed expenses
Council tax
Food and drink
Gas, electricity and water
Transport costs
Telephone, internet and mobile
Home insurance
Child care

Living costs
Home maintenance
Clothing and footwear
Entertainment and leisure
Holidays
Education/school trips
Health
Other spending

The appointment normally takes about 90 minutes and allows us to fully understand your mortgage requirements. Your Mortgage Adviser will talk through your current and future needs, and assess your income and expenditure to determine how much we can lend you.

Existing borrowers looking to switch to a new deal

If your mortgage is already with us and you’re looking to switch to a new deal with no other changes, we won’t require you to gather any information or documentation ahead of your appointment – which will normally take about 30 minutes.

Proof of your identity - what you'll need

When applying for a mortgage with us you'll need to prove who you are and where you live. The most commonly used documents are:

List A: to prove who you are

List B: to prove where you live

A current signed passport or EU member state ID card

A utility bill - less than three months old, not a mobile phone bill

A current UK photocard driving licence (full or provisional) - showing your current address and an unexpired photograph*

A council tax bill for the current year

 

A current full UK old style driving licence*

 

A bank, building society or credit card statement - less than three months old 

 

 *Please note that you can't use the same item to verify both your name and address: two separate items are required.

For a full list of the documents we can accept, please read our Verifying your identity guide.

We will only accept the original or certified copies of these documents. We'll take copies of the ID you've provided and retain these for our records. These are required to fulfil statutory obligations and won't be used for any other purposes.

If we can't verify your identity, we won't be able to proceed with your application.

Verifying your income

To prove your income for each applicant we'll need to see:

- Your last three month’s payslips and your latest P60. If you are self-employed, your previous three years' accounts / SA302 with tax year overview statement

- Your last three month’s bank statements showing your income

These documents can be online print outs, but please make sure they show your name, address and account details as well as the company logo.

How much will I be able to borrow?

At The Cambridge we are committed to responsible lending. This means that it is important to us that we don't lend you more than you can afford to repay.

We will assess your ability to make regular payments and to repay your mortgage based on your individual circumstances. This will include asking how much deposit you have and assessing your income and outgoings (expenditure). We'll then be in a position to let you know how much you can afford to borrow. 

When we know how much you can afford to borrow your Mortgage Adviser will then be in a position to recommend a mortgage product to you that meets your individual needs.

We also consider the amount of the loan required as a percentage of the property’s value.

The following is a guide - please refer to the individual mortgage deals to confirm the amount you can borrow based on the value of the property 

Reason for loan

Amount you can borrow 

Home purchase
(depending on mortgage product)

Up to 95% of the property's value

Remortgaging
(depending on mortgage product)

Up to 90% of the property's value

Additional borrowing
(depending on mortgage product)

Up to 90% of the property's value

Buy to Let Up to 75% of the property's value

Our lending limits may differ for new build properties and different property types may require larger deposits - get in touch for more information.


Please see our guide to Applying for a mortgage for further information on who can apply, how much you’ll be able to borrow, and the process of applying for your mortgage. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

 

 

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