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Full Mortgage application in...LTB/BTL application now or wait?
femster82
Posts: 74 Forumite
Just submitted full application to Natwest for Mortgage. My credit score and report are excellent.
Question is do I wait until I get the approval before doing my application for let to buy or buy to let, or would it be okay to apply in parallel.
Would it cause Natwest to ask questions about why I am trying to get credit elsewhere?
Question is do I wait until I get the approval before doing my application for let to buy or buy to let, or would it be okay to apply in parallel.
Would it cause Natwest to ask questions about why I am trying to get credit elsewhere?
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Comments
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I'm a little confused !
Are you trying to get a residential mortgage or a BTL mortgage.
Very different animal altogether0 -
Residential for new property
BTL/LET TO BUY. Second application
dimbo61 said:
Also what is different about trying for second residential remortgage, curious?I'm a little confused !
Are you trying to get a residential mortgage or a BTL mortgage.
Very different animal altogether0 -
Residential mortgages are based on personal income, BTL are based on potential rental.femster82 said:Residential for new property
BTL/LET TO BUY. Second application
dimbo61 said:
Also what is different about trying for second residential remortgage, curious?I'm a little confused !
Are you trying to get a residential mortgage or a BTL mortgage.
Very different animal altogetherI'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 usually do the Let to Buy first as more often than not the rental estimate is downvalued and we have to start from scratch.
Natwest themselves will be fine if you do both at the same time or not. They are easy. Some residential lenders require the Ltb offer to be sent to them which is a faff but Natwest are easy enough.
So if i was doing your case I would have submitted either both on same day or the Ltb first0 -
So would I; but with one eye on anticipated completion date for the purchase - our purchases are normally newbuild.JMA74 said:I usually do the Let to Buy first as more often than not the rental estimate is downvalued and we have to start from scratch.
Natwest themselves will be fine if you do both at the same time or not. They are easy. Some residential lenders require the Ltb offer to be sent to them which is a faff but Natwest are easy enough.
So if i was doing your case I would have submitted either both on same day or the Ltb firstI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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