Paperwork

There is a lot of paperwork involved in property investment, especially at the point that you apply for a new mortgage. It’s wise to stream-line this as much as possible.
When you deal with a new mortgage broker, or a new solicitor, they will want proof of residence and identity. Your latest bank statement or utility bill should be to hand. I tend to use credit card bills. You do have to send the originals and it’s easier to do without your credit card bill than a bank statement. I personally never do without my passport or my driving license. They can keep hold of these for up to a fortnight. Who knows when you might get that sudden invite to go abroad and you might want to hire a car too? And you may get another request to see your identity in the meantime. The trick is to find a tame local solicitor who will certify a copy of your passport. Store one on your computer and you can print it out when needed. Solicitors usually charge about £5.00 for this. I find it worth it.
Keep your mortgage statements handy also. They often want to see these. I usually provide a copy rather. If you work through a broker, they are going to copy them anyway. And, as above, you may suddenly need them again. Don’t offer them unless they ask for them.
Many Buy-to-Let mortgages are self-certifying so you don’t have to prove income and in any case, there are plenty of Buy-to-Let mortgages around where you don’t need an income. Just occassionally you do, so have your payslips handy too.
The real nightmare is if they want to see tenancy agreements. These are usuaIly upwards of six pages. I find it a good idea to photocopy these as soon as they arrive and store the photocopies. You can then have a set ready quickly.
And of course, all of this implies you need a photocopier at home. I bought one in 1994 for £600. It has only just given up the ghost. It was a godsend. They’re now relatively cheaper and more efficient.
This is the down side, that bit that you hate of the job you love. So make it as simple as possible.