In order to deliver on this promise, you need the right team in place, and the right paperwork in place - the joy of administration.

When prices are booming, lenders are desperate to lend money, and willing to sometimes turn a blind eye to the odd lapse in paperwork. Once prices look like stabilising, or there is a rumour of a price decline, then lenders typically over-react by asking for more and more backup information to support your loan application.

For the experienced investor this is seldom, if ever, a problem, since after a few properties, we end up setting up more formal filing systems. For the new investor, however, it can come as a sudden shock to be asked to produce odd bits of paperwork that, in the past, might have been thrown (or shredded.)

If you are intending to apply for finance, you should ensure that you have the following to hand before you go to see your mortgage broker:

• Two years worth of bank statements (most lenders will only ask for 3-6 months, but sometimes lenders ask for more.) These bank statements should show an income to match the income you claim to have (!) and proof that you have made payments on your existing mortgage(s) without problems.
• Mortgage statements on your own house for the last two years. Again some lenders may ask for a rather shorter time period, but some ask for more paperwork, and the requirements for paperwork are only going up at the moment.
• At least 3 months worth of payslips from the same employer, and the P60 (UK tax form) from your last tax year. In addition, some lenders may wish for a letter from your employer outlining what income is guaranteed, and what is subject to performance (either yours, or your employers), and confirming that you are not under threat of redundancy.
• If you are self-employed, then you may need to provide accounts for the last two years, together with details of your accountant (who then may, or may not actually be approached to verify that the accounts you are producing have indeed been seen by them.)
• If you already own investment property, mortgage statements for each investment property for the last two years.
• If you currently have tenanted property, tenancy agreements for each property, showing that your tenants have valid contracts.
• Your passport. Anti-money-laundering legislation is one of those things that imposes a burden on all of us. In the UK, it is not uncommon to be asked to provide a passport by not only your la
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  ypically over-react by asking for more and more backup information to support your loan application.

  For the experienced investor this is seldom, if ever, a problem, since after a few properties, we end up setting up more formal filing systems. For the new investor, however, it can come as a sudden shock to be asked to produce odd bits of paperwork that, in the past, might have been thrown (or shredded.)

  If you are intending to apply for finance, you should ensure that you have the following to hand before you go to see your mortgage broker:

  • Two years worth of bank statements (most lenders will only ask for 3-6 months, but sometimes lenders ask for more.) These bank statements should show an income to match the income you claim to have (!) and proof that you have made payments on your existing mortgage(s) without problems.
  • Mortgage statements on your own house for the last two years. Again some lenders may ask for a rather shorter time period, but some ask for more paperwork, and the requirements for paperwork are only going up at the moment.
  • At least 3 months worth of payslips from the same employer, and the P60 (UK tax form) from your last tax year. In addition, some lenders may wish for a letter from your employer outlining what income is guaranteed, and what is subject to performance (either yours, or your employers), and confirming that you are not under threat of redundancy.
  • If you are self-employed, then you may need to provide accounts for the last two years, together with details of your accountant (who then may, or may not actually be approached to verify that the accounts you are producing have indeed been seen by them.)
  • If you already own investment property, mortgage statements for each investment property for the last two years.
  • If you currently have tenanted property, tenancy agreements for each property, showing that your tenants have valid contracts.
  • Your passport. Anti-money-laundering legislation is one of those things that imposes a burden on all of us. In the UK, it is not uncommon to be asked to provide a passport by not only your la
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    • Two years worth of bank statements (most lenders will only ask for 3-6 months, but sometimes lenders ask for more.) These bank statements should show an income to match the income you claim to have (!) and proof that you have made payments on your existing mortgage(s) without problems.
    • Mortgage statements on your own house for the last two years. Again some lenders may ask for a rather shorter time period, but some ask for more paperwork, and the requirements for paperwork are only going up at the moment.
    • At least 3 months worth of payslips from the same employer, and the P60 (UK tax form) from your last tax year. In addition, some lenders may wish for a letter from your employer outlining what income is guaranteed, and what is subject to performance (either yours, or your employers), and confirming that you are not under threat of redundancy.
    • If you are self-employed, then you may need to provide accounts for the last two years, together with details of your accountant (who then may, or may not actually be approached to verify that the accounts you are producing have indeed been seen by them.)
    • If you already own investment property, mortgage statements for each investment property for the last two years.
    • If you currently have tenanted property, tenancy agreements for each property, showing that your tenants have valid contracts.
    • Your passport. Anti-money-laundering legislation is one of those things that imposes a burden on all of us. In the UK, it is not uncommon to be asked to provide a passport by not only your la
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      >

    • At least 3 months worth of payslips from the same employer, and the P60 (UK tax form) from your last tax year. In addition, some lenders may wish for a letter from your employer outlining what income is guaranteed, and what is subject to performance (either yours, or your employers), and confirming that you are not under threat of redundancy.
    • If you are self-employed, then you may need to provide accounts for the last two years, together with details of your accountant (who then may, or may not actually be approached to verify that the accounts you are producing have indeed been seen by them.)
    • If you already own investment property, mortgage statements for each investment property for the last two years.
    • If you currently have tenanted property, tenancy agreements for each property, showing that your tenants have valid contracts.
    • Your passport. Anti-money-laundering legislation is one of those things that imposes a burden on all of us. In the UK, it is not uncommon to be asked to provide a passport by not only your la
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      It’s always important to educate the people who know you about what you do. What I’ve noticed over the years of teaching people how to attract more clients is that they don’t use ALL the marketing real estate they have in a way that will get them clients. That might be the case with you too, but we’re going to change that today when we talk about using your e-mail signature as a Client Attraction tool.Get your email recipients to take ACTION by enabling the “signature” feature in your e-mail program. This feature allows you to create a
      erify that the accounts you are producing have indeed been seen by them.)
    • If you already own investment property, mortgage statements for each investment property for the last two years.
    • If you currently have tenanted property, tenancy agreements for each property, showing that your tenants have valid contracts.
    • Your passport. Anti-money-laundering legislation is one of those things that imposes a burden on all of us. In the UK, it is not uncommon to be asked to provide a passport by not only your lawyer, but your mortgage broker and even your estate agent (if you are using one) these days.

    Now for some good news. If you do not have all of these documents, then it is still possible to get an investment loan. However, you MUST tell your mortgage broker if you have problems producing any of these, or if producing any of these is likely to highlight credit problems in the past. Your broker, assuming he or she is any good, will normally be able to find a lender and loan to fit your circumstances, but there is little they can do if you apply for a loan for which you do not qualify, and are then turned down.

    One final recommendation - if ever you hand over ORIGINAL documents to a lender or mortgage broker, then ask them to sign a receipt that itemises exactly what they have taken, AND take photocopies of all the documents before you let go of the originals.

    The reason for stressing this is that I once had a call from a lender who had asked to see two years statements from each property I owned, plus two years from my personal bank accounts, and had refused to accept photocopies. The call was to apologise that the lender had lost them! I explained that having originals was vital to my business, as the lender would agree, that each duplicate issued by my bank or other lenders would cost typically 20 pounds, and that I would therefore be issuing a small claims court claim against them for 20 pounds times 96 statements - that is to say for just under two thousand pounds. I reminded them that their representative had signed a receipt for all the documents. Mysteriously, within 90 minutes, I had a phone call back saying that the documents had been located.