Ticking all the boxes for a smoother application: buy to let

In an earlier blog we shared some Top Tips for making the residential mortgage process as smooth as possible. Now it’s time to turn our attention to buy to let. You might be wondering what the difference is or if there is even a difference at all! The truth is, applications for residential and buy to let mortgages vary in quite a number of ways and so we’ve compiled some Buy to Let Top Tips to help you navigate around some of the potential pitfalls.

1. Make sure you research your solicitors carefully

Many buy to let lenders have much stricter requirements when it comes to solicitors, especially if you’re not using a high street lender. As soon as you know your lender, check which solicitors they are happy to work with. If your solicitor is not on their panel, you’ll need to line up new solicitors quickly to avoid delays further down the line. Most specialist lenders’ mortgage offers are only valid for 3 months, so time really is of the essence.

2. Buy to let lenders can often ask for documents that you may not have been asked for when applying for a residential mortgage

Our dedicated team will be working hard to make sure we’re only asking you for what’s needed. Please be sure to read the list carefully and provide all information as soon as possible. If you’re unsure, please contact us as we’re here to help and make the process as smooth as possible.

3. Are you a portfolio landlord?

If you own more than one buy to let, make sure you have an up-to-date copy of your portfolio to hand. This can be on a spreadsheet or handwritten. Each lender will require slightly different information, meaning that even if you have supplied information regarding your portfolio recently, further information could be required if we’re looking at a different lender.

4. Financial circumstances

Make sure you’re giving us an accurate representation of your financial circumstances, including all credit commitments and mortgages. Although a buy to let mortgage is not usually assessed against your personal affordability, lenders do need to make sure you fit their background debt-to-income ratio. Make sure you supply all relevant information regarding loans, credit cards and income.

If your buy to let mortgage application is through a limited company, there may be a few additional considerations, so it’s worth speaking with your mortgage consultant or mortgage admin for further assistance. We’re here to help with any questions you may have, however big or small, so don’t hesitate to get in touch if there is anything that you want to talk through.

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