Fast Buy to Let Mortgage
Our fast buy to let mortgage service
Special features of what we offer include:
- Whole of market service - We can compare buy to let deals from most UK lenders
- Latest deals - Access to leading buy to let market mortgage rates
- Exclusive rates - Access to exclusive buy to let loan deals not available on the high street
- Fast turnaround - Speak to us today if you need to move quickly
Whether you have found the perfect investment property and want to snap it up quickly or you need finance in a short time frame for another reason, you might be wondering if you can get a fast buy to let mortgage.
Changes to the buy to let mortgage market
For any individual looking to secure a buy to let property, it is important to be aware of the latest changes to the buy to let mortgage market regulations. These changes may make it more difficult and time consuming for those looking to secure a buy to let mortgage.
Lenders will now take an in-depth look into a landlord's property portfolio. This is to ensure that every property is profitable, as lenders will no longer provide buy to let mortgages for landlords with a property that is not profitable. This means that landlords cannot spread equity across their portfolio anymore.
Prior to 2017, landlords only needed a rental coverage ratio of 125% to secure a buy to let mortgage. Nowadays, lenders require landlords to have a rental coverage ratio of 145% for standard buy to let properties and 170% for buy to lets.
It is important to note that simply stating the proposed rental amount on an application will not suffice, as landlords need to provide a valuation from a professional surveyor.
Finally, lenders will apply a stricter income stress test than before. Since the changes in 2017 came into effect, landlords have to illustrate that they can afford mortgage payments in the event that interest rates reach 5.5%.
The aforementioned changes make it the process of securing a buy to let mortgage more difficult and time consuming.
Each application varies, therefore it is difficult to give an average of the typical turnaround time of a buy to let mortgage. There are some lenders which tend to be faster than others so if you need mortgage finance quickly it may be better to use one of these providers.
Independent mortgage adviser
If you’re looking to get a buy to let mortgage quickly, it may be wise to speak to an independent mortgage adviser. Not only will they be able to use their knowledge of the industry to search for the best products available for your situation, but they can advise the applicant on how to ensure they have a speedy mortgage application.
Things that can slow an application
During the application there are certain things borrowers can do to try and make sure that their application is as quick as possible, such as making sure you have all of the requisite documents ready and send them as soon as they are requested.
Documents you may be asked to supply can include:
- Proof of identity for all applicants - e.g. passport or driving licence.
- Proof of address for each applicant – such as a recent bank statement.
- Evidence of the deposit – this could be a bank statement showing the accumulation of funds over a three month period.
- Proof of annual income - such as a P60 and several months’ recent payslips.
Bridging loans a special type of secured homeowner loan designed to be used to pay for property before a homebuyer or buy to let mortgage application can be completed. They can be used in a variety of instances such as where a borrower has bought a property at auction and needs to pay the auction company within a tight time scale.
It is important to remember however that as bridging loans or short-term mortgages are only intended to be used for a short period of time, they usually attract particularly high rates of interest compared to mortgages. So is wise to quickly secure a mortgage if using a bridging loan for the initial purchase.
If you are trying to secure a fast buy to let mortgage, then Fair Mortgages may be able to help you. As an independent mortgage adviser we offer a whole of the market service, meaning we can search across different lenders to try and find the top, fast buy to let mortgage. We can also access a selection of specialist mortgages, available from providers outside the high street lenders, which can only be applied for via a professional intermediary.
To find out if Fair Mortgages could help you, fill in our contact form to request a call back from one of our advisers for a free initial consultation or call us directly on: 0117 403 4474.