The Bank of England has increased its Base Rate by 0.50 percentage points this week, the biggest rise in 30 years. It’s also the seventh consecutive increase since December and will result in higher mortgage rates.

As a result, many borrowers are looking to switch their mortgage now, before rates rise further, with many choosing to lock into a fixed rate to secure their repayments. Data shows that searches for ‘mortgage rates’ have increased 164% in the past month, according to Arbuthnot Latham.

But the process isn’t always straightforward or quick. So what can you do to make sure you’re mortgage-ready, and to speed up the application-to-offer process?

The private and commerical bank has shared the best ways to lock into a mortgage quickly and secure the best rate.

James Glover, head of regulated lending at Arbuthnot Latham, said: “The two crucial steps in securing a mortgage are passing the affordability assessment and meeting the lender’s underwriting requirements, both of which require several documents to be provided.

“The most common reason for a mortgage application being delayed is that the required supporting documents are not being provided promptly.”

Get ahead and get mortgage ready by gathering these documents before your first mortgage appointment.

1. Proof of income

This requirement will vary depending on your employment status and source of income, but fundamentally you need to evidence that the income you have previously received will remain sustainable or that any future income (for example: starting a new job) will continue for the foreseeable future.

This can be done through a variety of methods, such as providing copies of pay slips, P60s, SA100s or HMRC tax computations.

Depending on your employment status most lenders will ask for your last three months’ pay slips if you are employed under a permanent contract, for those who earn bonuses or commission the lender may request your last three P60s or payslips showing the received payments to ascertain a yearly average.

If you’re self-employed then your last three years’ tax returns and HMRC tax computations will be required.

If you are also a director/shareholder of your own company, the lender may request the company’s last three years’ accounts, to verify the income you draw is sustainable.

2. Proof of expenditure

Most lenders will request copies of your last six months of bank statements. Lenders are looking for statements that show the income you have received versus payments you have made, therefore if you use different banks or different accounts within the same bank, you may be required to provide six months statement for each bank or account to meet this requirement.

It can also save you time if you make your lender aware of any anomalous payments you have made in the last six months, these could include one-off purchases or transfers as these can be flagged by the lender.

3. Evidence of existing debts

Lenders have several ways to identify existing financial commitments, but it is often easier to highlight these as part of the mortgage application process.

The most common forms of financial commitments are existing mortgages that will continue after the mortgage you are applying for is drawn, car finance, lease or hire purchase agreements, personal loans, and credit cards.

Each lender will have different documentation requirements for each type of financial commitment so having them all available is better than waiting for the lender to request the parts they need.

For mortgages, the most common requirement will be the latest mortgage statement, for the various forms of car finance, the contract you signed will usually be sufficient, for personal loans the contract you signed or the latest loan statement will be requested and for credit cards (with an outstanding balance or a balance repaid in full each month) the most common request is the last six months’ statements.

4. Property details

The most important detail to have is the correct address of the property you wish to buy.

In addition, lenders will often want to know the property type, number of bedrooms, bathrooms, and any unique features, such as it being a listed property.

One of the easiest ways of fulfilling this requirement is by retaining a copy of the property brochure (if this is online, it may be worth saving a copy to your computer as estate agents can remove them once a purchase is agreed).

5. Contact details

Make sure your lender has your up-to-date contact details and that they are aware of your contact preferences.

There could be other documents required by a lender to assess and agree on a mortgage, therefore the key to securing a mortgage quickly is to respond to your lender’s requests for information as soon as possible.