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Why do I need to provide ID for a mortgage application?

Identification

Parliament brought in the Money Laundering regulation (now known as the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) and the Proceeds of Crime Act 2002 to protect customers from fraud, but also to try to prevent criminals using ill-gotten gains to buy things, resulting in their dirty money becoming clean (hence the laundering).

Mortgage lenders/brokers are required to confirm the identity and address of every client they obtain a mortgage for. They will therefore ask you to provide forms of identification to prove this. Accepted ID can be as follows:

Evidence of identity


- A current, signed passport;

- A current photocard driving licence (full or provisional);
- A national identity card (not including ID cards issued to UK citizens);
- A valid old-style UK driving licence;
- Recent evidence of entitlement to a state or local authority funded benefit (including housing benefit and council tax benefit), tax credit, pension, educational or other grant;
- A firearms certificate of shotgun licence

Evidence of address:

- A current photocard driving licence (full or provisional);
- A firearms certificate or shotgun licence;
- A valid old-style UK driving licence
- Recent evidence of entitlement to a state or local authority funded benefit (including housing benefit and council tax benefit), tax credit, pension, educational or other grant;
- Instrument of a court appointment (such as liquidator, or grant of probate);
- Current council tax demand letter or statement (no more than three months old);
- Current bank or building society statement or passbook issued by a regulated financial sector firm in the UK, EU or comparable jurisdiction (we cannot accept any documents printed from the internet and they must be no more than three months old);
- Utility bill (recording the company that issued the bill and date of issue. We will not accept any printed from the internet and they must be no more than three months old);
- Inland revenue PAYE coding notice (P2) - current year or Inland Revenue Statement of Account – current tax year.

 

Unfortunately, without proof of who you are and where you live, they will be unable to submit your application for you.

Please note the content of this blog is for guidance purposes only and does not constitute for professional advice. Contact us today at info@wolseymortgage.co.uk or by calling 01473 216950.

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Monday, 18 November 2019

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