While the buy-to-let mortgage application process is similar to standard submissions, the focus of lenders and the criteria they are interested in can differ. People looking to buy buildings to let will find lenders concerned less with personal earnings and more on rental incomes, as the loan taken out will likely be paid from generated rents on the purchased property.
Individuals entering the buy-to-let market will be in competition against rival buyers who may have substantial cash reserves at their command, allowing them to act quickly. This is a quality sought-after by sellers, so avoiding unnecessary delays and being able to act swiftly is essential.
One way of making sure you can move fast and not lose the property you want is to arrange a short-term bridging loan. However, even with the finances in place, there are still areas to pay attention to where delays can be costly.
Assemble all information you require in advance of applications to ensure you are prepared. Any information requested by those acting on your behalf should be delivered quickly and accurately. Any delay can have an impact on a lender issuing you an offer, with late information sometimes leading to severe consequences, so clear and quick communication is key when making applications.
Select your advisors carefully. Using inefficient or inexperienced lawyers or conveyancers is a significant source of delays during applications, so research your advisors and ask for solid recommendations.
For expert assistance with buy-to-let mortgages applications, contact our team at Ingard today.