Buying to let requires a specific mortgage product designed for the purpose. But in large part the process is very similar. Mortgage lenders will tend to concentrate on things like the rental income and less on your own earnings, largely because the loan is likely to be supported by the rent generated from the property.
Many buying to let will find themselves competing against buyers with significant cash resources and with cash comes the ability to act swiftly. Something which is appealing to most sellers. Therefore, if you are buying at auction if there is a tight time constraint, arranging an interim bridging loan might be a better short term funding option.
In most cases, the process of obtaining a buy to let loan usually takes between 4 - 6 weeks, although, as with all purchases, there are a variety of steps to the process which will delay or even stall the process.
For this process to run smoothly, it is important that no problems that might cause delays are ignored. Possible causes of delay include;
For more information on how to apply for a Buy to Let mortgage, contact us on 01628 507477 or click here to book a free phone or video appointment.
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