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buy to let mortage- How long??
euroman
Posts: 30 Forumite
we are in the process of selling our home - however our buyer is being difficult and wont commit to an exchange date - says we made him wait so now we can wait , yes he had to wait but that was due to reasons above us in the chain so totally out of our hands so a bit concerned that hes going to pull out and we dont want to miss out on the house we buying . we have now worked out we could afford to keep our current house and rent it out. we are working out the sums and our mortgage advisor will apply on monday - just wondered if anyone else has done this and how long could it take to go thru? Any advice greatly appreciated as new to all this!
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Comments
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if the figures do work out, it should take no longer than a normal application.
you either need to keep the mortgage currently on your home and ask your lender for consent to lease (which should only take days) or you need to apply for a BTL mortgage from a different lender on your current home - this will take a few weeks.
The mortgage application for your new home remains unchanged.
The above only applies if you do not need to release equity from your current home or increase the size of the mortgage on your new home. In either case it should still only take as long as a normal mortgage application (few weeks). If timescales are important, your mortgage advisor should know which lenders can move quickly.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I have purchased a property at Auction, and completed mortgage and contract within 4 weeks.0
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