Buy to let mortgage within two weeks - is it possible?

blizeH

Hi, we’re buying a house to live in, with a predicted completion date of 2nd September, but someone in our chain has decided to screw everything up, which leaves us short - we want to complete with other funds ideally and then sell our house at a later date.

Is there any hope? I called a broker who seemed to think it was do-able, but they’ve sent through the wrong paperwork and aren’t in the office tomorrow so I’m thinking using them is going to put us at least one day behind.

To be honest I’d much rather do it myself, I’ve created a list of places to call tomorrow  (all closed now unfortunately apart from Accord who said it will take 4 weeks) but I wonder if we’re being too optimistic, especially since presumably we’ll need to go through our solicitors to change the title deeds over too.

Thank you

sammyjammy

So you want to remortgage a buy to let to get funds to buy your new house?  In two weeks, I'd say no chance.

blizeH

Thank you, that’s right - and I thought as much

K_S

blizeH said:

Hi, we’re buying a house to live in, with a predicted completion date of 2nd September, but someone in our chain has decided to screw everything up, which leaves us short - we want to complete with other funds ideally and then sell our house at a later date.

Is there any hope? I called a broker who seemed to think it was do-able, but they’ve sent through the wrong paperwork and aren’t in the office tomorrow so I’m thinking using them is going to put us at least one day behind.

To be honest I’d much rather do it myself, I’ve created a list of places to call tomorrow  (all closed now unfortunately apart from Accord who said it will take 4 weeks) but I wonder if we’re being too optimistic, especially since presumably we’ll need to go through our solicitors to change the title deeds over too.

Thank you

@blizeH Going by recent experience, off of the top of my head I can only think of BM and Accord which may be able to get to offer within 3-5 working days IF a lot of things fall in place - desktop valuation, no queries, straightforward scenario, properly packaged app and you don't get a fresh/trainer underwriter handling your case.

But no broker or lender is going to give you a guarantee on a two week timeline, it's simply impossible to promise that.

blizeH

Thank you! It was actually Accord who I called directly earlier and they told me it would be around 4 weeks unfortunately, will give BM a call tomorrow

london21

Have a plan B in place just in case.

Hopefully works out, 2 weeks is very tight. 

blizeH

Thank you! We do have a plan B fortunately

K_S

blizeH said:

Thank you! It was actually Accord who I called directly earlier and they told me it would be around 4 weeks unfortunately, will give BM a call tomorrow

@blizeH That was Accord simply covering their back and putting in a very generous delay for valuation (which is not in their control).

A LOT would have to go wrong for an Accord app to take 4 weeks. I use them regularly for my clients and in recent weeks it's never taken more than a couple of working days to fully underwrite a case. Valuation of course is dependent on surveyor availability.

blizeH

K_S said:

blizeH said:

Thank you! It was actually Accord who I called directly earlier and they told me it would be around 4 weeks unfortunately, will give BM a call tomorrow

@blizeH That was Accord simply covering their back and putting in a very generous delay for valuation (which is not in their control).

A LOT would have to go wrong for an Accord app to take 4 weeks. I use them regularly for my clients and in recent weeks it's never taken more than a couple of working days to fully underwrite a case. Valuation of course is dependent on surveyor availability.

Thank you! Can you help me then please?! Not sure if you can openly advertise your services but… please 🙏

kingstreet

Just to clarify, you plan to remortgage your current home as a BTL then sell it as soon as you can?

Be careful with this. No lender will accept what it consider to be short-term lending and seeing the property on, or recently on the market will set the alarm bells ringing.

blizeH

kingstreet said:

Just to clarify, you plan to remortgage your current home as a BTL then sell it as soon as you can?

Be careful with this. No lender will accept what it consider to be short-term lending and seeing the property on, or recently on the market will set the alarm bells ringing.

Thank you, but nope - we want to add a mortgage to our buy to let in order to fund a residential purchase where the chain has just collapsed. Will likely keep the BTL mortgage beyond the two years tbh. Is this something you could possibly help with please?!