Why does the lender need all this information?

Fundamentally, it is the lenders’ responsibility and prerogative to provide lending in a responsible and fair manner. Lending money is a business and reducing friction is something lenders strive for. Not only does it make their underwriters’ lives easier but also reduces costs.

However, the F.C.A. and the P.R.A. have certain standards that they impose on lenders. It is also integral to the whole lending system that guidelines are followed and lenders get an accurate picture of who they are lending to and what they are lending on. Sometimes, some underwriters can seem pedantic in their requests. Often, the requests have sound reasoning and purpose.

All of this is done so that as accurate a picture as possible can be painted for every lending case. This is not only to protect the lender’s position but also the position of the customer. Huge amounts of money are changing hands and I would be worried if a lender were not asking for this information.

Organised, proactive property investors usually have the information to hand and I would recommend to those that want to get ahead to have this kept up-to-date and readily available.