Max concurrent BTL mortgage applications?

PhoebeC

Hi guys,

I’ve just found this forum and this is my first post!

My question is about buy to let multiple/concurrent mortgage applications and I am hoping someone can help me.

How many BTL mortgage applications can you have on the go at once? Will a bank lend to you again in the future if they stop an application now because you already have too many applications with them? Should I use different lenders or always use the same lender? (The LTVs that I am looking at are around 75%).

I am currently in the fortunate position of having coming into a fair amount of cash to invest - enough for deposits on tens of properties - but of course to do this properly everything hangs on me getting further finance from mortgage companies and this is proving very slow. I am currently buying three at a time.

How can I speed it up? Am I missing something? The m/g company I am currently dealing with is TMW. I am already maxed with BMS at 3 properties so using them further is not an option.

Any ideas welcome!

xxx- PC -xxx

GMS

You would be advised to speak to a 'Whole of Market' broker.

Asyou have pointed out lenders often have restrictions on properties.

A broker will be able to work out your best options.

Senior_Paper_Monitor

Different lenders have different policies on max properties/value to one lender (some have limits/policies based on total portfolio calue as well).

They will apply the criteria applicable at the time for subseqeuent applications (if you didn't match first time, they will use new criteria - if they have changed - on subsequent attempts, but be aware of the number of credit searches you are racking up .... the secret is to match criteria before making an application).

..... and as GMS says, brokers are best placed to do this.

Crinz

you can only have 3 in the whole of Lloyds Banking Group (C&G, Lloyds, Halifax, Bank of Scotland, Birmingham Mids etc)

thats the only fact i know of :-)

Casanova

Buying 3 properties at once is a lot to manage anyway, in terms of time and hassle. Why not invest the rest of the money until these three are completed and you have tenants, and then go about investing in more properties?

I wouldn't make mortgage compromises (eg choice of lender), just for the sake of being able to push through multiple concurrent applications.

Just my opinion.

PhoebeC

Thanks guys.

I'm not too interested in hearing about the official lending criteria of a lender as I can read that for myself when applying.

More interested in views on max concurrent applications. I'm sensing it is probably about eight but not sure.

I am conscious that brokers *may* have their own interests at heart if I ask them. I'm not sure if they have more or less to lose than me if I start getting rejected?

xxx- PC -xxx

GMS

PhoebeC wrote: »

Thanks guys.

I'm not too interested in hearing about the official lending criteria of a lender as I can read that for myself when applying.

More interested in views on max concurrent applications. I'm sensing it is probably about eight but not sure.

I am conscious that brokers *may* have their own interests at heart if I ask them. I'm not sure if they have more or less to lose than me if I start getting rejected?

xxx- PC -xxx

You should see a broker. Multiple applications can be multiple rejections which will quickly hurt credit scoring.
Are you fully aware of all Buy to Let lenders?
I cannot see a broker charging you a fee in these circumstances so why would you want to do it yourself?

getmore4less

Check if Barclays still do their portfolio BTL mortgage IIRC there was a minimum of 3 properties.

What sort of gross yields are you getting on these properties?