If we cannot verify you electronically, we may require two different types of ID:
- Evidence of ID (passport, driving licence, etc)
- Evidence of income (latest three months payslips, P60, tax calculations, pension statements, bank statements, etc).
Depending on your circumstances, we may also ask for other documents.
To be eligible for a Leek United mortgage, you must be able to demonstrate that you can afford the monthly mortgage repayments. To do this, you must receive either sustainable earned or pension income. We do not accept temporary contracts as proof of income. If, however, you are on a fixed-term contract of at least 12 months with at least 6 months remaining, or have evidence of a new/renewed 12-month contract in the same line of work, we will accept this as proof of income.
Leek United does not currently offer guarantor mortgages.
Yes. To buy at auction, you would already need a Binding Mortgage Offer from us. First, you'd have an initial mortgage interview with one of our Qualified Mortgage Advisers. Once you complete your mortgage application, we have the property valued and complete the full underwriting on your application. A solicitor would also need to be involved because, if you are successful at the auction, you will normally need to pay a 10% deposit and exchange contracts immediately.
Rather than using a credit scoring system, we look for conduct of credit. If your mortgage application is for a 90% - 95% Loan to Value sum, we need to see one (single applications) or two (joint applications) active line(s) of credit with satisfactory conduct.
For Loan to Value applications of 90% or less, we do not have to see any lines of credit. However, if they exist, they must have been conducted satisfactorily.
When you apply for a mortgage, we make various checks to see if you pass our affordability assessment and meet our other lending criteria. These include credit searches, identity checks, income and employment checks and property valuations.
When these checks are complete, an independent underwriter will review your application in full and decide whether to approve the mortgage. If your application is approved, you will receive a binding mortgage offer that is valid for 6 months. This gives you enough time to take up the offer and complete your mortgage.
If you pass our lending criteria and affordability assessment, we give you a Mortgage Decision in Principle. This document enables you to negotiate the purchase of a property with a vendor or estate agent. However, it does not guarantee that your mortgage application will be accepted. Instead, it gives a good indicator that your application is likely to be accepted.
We aim to process your mortgage application as quickly as possible. The time taken will vary depending on the type of application and whether all supporting information is included with the application.
The first step is an initial interview with one of our Qualified Mortgage Advisers. They will check your eligibility for a Leek United mortgage.
If you are eligible, our advisers will ask you a series of questions designed to help establish which mortgage best suits your needs and circumstances and recommend the most suitable mortgage for you.
When you are ready to apply for your mortgage, you complete a mortgage application form. When we receive your form, we will carry out credit checks and status enquiries to verify your income, expenditure and property valuation.
If these checks are completed satisfactorily, we will issue you a Binding Mortgage Offer. This is valid for 6 months.
Your solicitor will also receive a copy of the offer, enabling them to progress the necessary legal work surrounding your application.
Yes. As long as your retirement income/pension passes our affordability assessment, you can get a mortgage into retirement with Leek United. The maximum Loan to Value available is 80% and a minimum income of £20,000 is required.
Yes. As long as your retirement income/pension passes our affordability assessment, you can get a mortgage if you have already retired with Leek United. The maximum Loan to Value available is 70% and a minimum income of £20,000 is required.
Our mortgages do not include funds for renovations. You should include the cost of any necessary renovations when calculating the deposit you can offer. Your deposit will need to be at least 5% of the property purchase price. In some instances it may be a requirement of the mortgage offer that the Society retains monies until specific works are completed to the satisfaction of the valuer.