The paperwork needed to support a loan application

Financial institutions try to assess whether an applicant can meet their repayments and the degree to which the repayments can be met under a number of different stress factors

Lending institutions have become more demanding in terms of paperwork needed to support loan applications.  File Picture.  

Over the last decade or so, since the financial crash of 2009, lending institutions have become more demanding in terms of paperwork needed to support loan applications.

Typically, in assessing any lending application of substance, the financial institution will request three years’ accounts, and potentially three years of income tax returns and confirmation that the applicant’s tax affairs are in order.