What can I do to prepare for the mortgage process?
Organisation is the key.
The more organised you are with your documentation, the more likely you will speed up the loan process and get a more positive decision. I have sat in credit committees within banks and when a case is presented without a full suite of information it can have a detrimental impact on how the case is looked at.
Even with the advent of the more tick-box approach to lending which we see nowadays, there are subjective opinions needed and if disorganisation is identified it won’t work in an investors’ favour. Underwriters want to see a clear and detailed appraisal of the applicant’s situation.
The easier it is for an underwriter to assess, the better the mood they will be in. For instance, going through bank statements and marking out “rent in” and “loans out” would be a great start. Be complete and comprehensive. Provide information in a well-presented pack. It will serve you well in the long run.