Buy to Let Mortgage Application

Buy to Let Mortgage Application

Regardless of which mortgage provider you choose, the buy to let mortgage application process will follow the same basic steps.

Here we explain each stage to help guide you through your mortgage application start to finish.

• Step 1: Collect your paperwork – Although there is usually less paperwork associated with buy to let mortgages in comparison to owner/occupier mortgages, it is worth noting that you could still be asked for the following documents.
  
  

• Proof of income                                        

• Proof of rental income                                          

• Proof of address                                                   

• Identification                                                     

• 3 months of banks statements                                  

• Tax return forms                                      

Collecting all of the necessary documents as early as possible will mean there are no hold-ups in the applications process waiting for documents to arrive.

• Step 2: Gain advice from a mortgage broker – Mortgage brokers are independent from mortgage lending companies and can assist in finding you the best available rates. They can also help you with any issues or concerns you may have with your application. Unlike owner occupier mortgages, buy to let mortgages are not regulated so it is important that you make the decision that you feel is right for you.

• Step 3: The survey and valuation - The lender will instruct a surveyor to conduct a valuation of the property. It is also advisable to get a more detailed survey of the property at this stage to check for any potential structural issues. There are several types of surveys available depending on the age and type of property. If there are problems with the survey, the lender may ask for further checks to be made, or may refuse the mortgage altogether.

• Step 4: The offer - When a formal mortgage offer is issued, the borrower, lender and solicitor will all be given a copy.  The offer formally states that they are prepared to lend subject to certain conditions that are usually confirmed by your solicitor. From this stage onwards, it is normally down to your solicitor to complete the transaction and they will work with the seller’s solicitor to do so.

• Step 5: Completing the purchase - Your solicitor or conveyancer will send a report to your lender known as the 'report on title', which tells the lender the results of searches carried out on the property and gives details about the legal title to the land. Your lender will then check that everything in this report is in order and feed back to your solicitor. Following this, your solicitor will ask your lender to transfer the money you are borrowing to them. On the day of completion of the purchase, this money is transferred to the seller's solicitor and you will receive the keys to your new property.

Speak to our specialist team to help you find the right buy to let mortgage option for you. Call one of our advisers or alternatively, fill in our online contact form for a free initial consultation.