Buy to let

pretty_sick

Are buy to let mortgages regulated in the same way residential mortgages are? I don't have lots of properties - I only rented out my house because I couldn't sell it. I am new to this and I've now been waiting 3 months for a mortgage offer. I applied at the beginning of March on the advice of my financial advisor who told me no income details were needed ( I have a fixed term temporary contract). The valuation was done and the report received a few days later but since then my advisor has chased and chased the offer. There have been several excuses; he's been told they needed some basic income details, then they needed an additional letter confirming my outgoings, then weeks later he was told they needed confirmation from my Agency employers. Each time they have said the information was 'overlooked' but we have sent it to them without delay once asked. Each time it seems to go to the back of the queue again. They just keep saying they have a backlog. Last Friday 9th May, I was promised my offer would be out in 3 days. We are now 5 days and still no offer. They will not speak to me directly and have ignored my complaint email. Please advise me.

kingstreet

If the property is not being let to family, it is an unregulated transaction.

That does not mean the lender does not carry out some affordability and status checks.

pretty_sick

Hi, thanks for the reply. I am happy to provide as much information as the lender requires but my problem is in the length of time taken to ask for the information and to underwrite the mortgage. Just wondered if 3 months for an offer was usual practice as I haven't applied for a mortgage since 2007.

GMS

Which lender is it?

betmunch

GMS wrote: »

Which lender is it?

I'm guessing TMW

Leon_W

I'll guess BM. The last one they did for me was a nightmare.

amnblog

My guess is VM