Moving residential mortgage to BTL mortgage - how long?

ironlady2022

Hi

Just wondering how long it takes to move from a residential mortgage to a buy to let mortgage for a first time investor please?

One of my potential buyers are in this position so just want to consider the timescales that could be involved.

It's good he is not selling his house, but this could add to the timeline. 

canaldumidi

Depends how efficient and or well-staffed the lender is. And what their internal approval process is (how many 'sign-offs are needed etc).

Ask over on the mortgages board, and name the lender.

Markneath

There will probably be a few weeks extra paperwork at the underwriter stage(after you officially apply for the mortgage) apart from that it will be like a normal remortgage. 

With BTL they tend to ask a few more questions sometimes ask for extra payslips, bank statements etc. 

Thrugelmir

If your potential buyer comes good that's all very well. Better to remain focussed on marketing the property. 

K_S

mayling03 said:

Hi

Just wondering how long it takes to move from a residential mortgage to a buy to let mortgage for a first time investor please?

One of my potential buyers are in this position so just want to consider the timescales that could be involved.

It's good he is not selling his house, but this could add to the timeline. 

@mayling03 Typically, the processing of BTL mortgages is much quicker than residential mortgages as (in most cases) it's unregulated and does not involve a full personal affordability assessment. So the underwriting process is much simpler.

Having said that it's impossible to estimate timelines based on the limited info in your post as there are a host of different things that can make it quicker/slower, not least how busy the specific lender is and how well the application has been put together.