Adding applicants to a mortgage application

After starting a mortgage application, it's important to add one or many applicants, so your preferred broker / lender knows which individuals or companies are applying for the loan.

From the mortgage application page, you should click on the Applicants box.

 



From here, you should click the 'Add mortgage applicant' button and chose whether the applicant is an individual or a company.



NB: You can add new companies and individuals to your Stacked account at any time, by clicking on 'Account' in the top navbar and scrolling to the contacts section.

A major benefit of adding applicants to a mortgage application, is that your preferred broker / lender will be able to see all the relevant information about the applicants, without needing to ask you for it.

To help this process run as smoothly as possible, you should add as much information as possible, to each applicant and monitor things periodically, to ensure this remains up to date.

Foe example, from the Company page on Stacked, you can attach relevant documents, such as recent bank statements and tax returns. Likewise, you can specify who the directors and shareholders are.



For each of the directors and shareholders, you can upload relevant documents, such as their proofs of identity, recent bank statements and relevant tax documents.



Another major benefit of adding applicants, to a mortgage application, is that your preferrer broker / lender will be able to review all their existing assets and liabilities.

In order for this to happen, you need to correctly specify the owners of each property in your portfolio.

You can do this by navigating to the 'Owners' section, on each owned property page in your portfolio and specifying who the owners of that property are.

 

The output of this process, is that when lodging a mortgage application and specifying the applicants, your preferred broker / lender will be able to:

  • See who the applicants are
  • Review key documentation about the applicants, whether they are companies or individuals
  • Review key information about the directors and shareholders of any company applicants
  • Review all the properties, which each applicant owns, along with relevant assets and liabilities information, such as outstanding tenancies and mortgage accounts


This means that a huge amount of time will be saved, when it comes to gathering information and completing questionnaires, in order to supply essential information to the underwriters, who will demand an in-depth understanding of all the applicants. 

If additional information is required or clarifying questions need to be raised, you can handle all the associated communication with your broker / lender, by using the dedicated workflow on Stacked. 

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