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buy to let
chanz4
Posts: 11,057 Forumite
Hi after valuation how long are buy to let mortgages taking?
Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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How long is a piece of string ?
You can be sure the BTL lender will make sure that All due diligence has been carried out.
So the normal searches and surveys but also checking Everything about the property. GSC, EICR, Any selective or HMO licence requirements ?
Yield, LTV, location, freehold or leasehold ? Service and management charges, ground rent, sink fund, legal pack of a flat, condition think for for Habitation, decent homes standard, EPC band C?
The due diligence also extends to the person/people of limited company borrowing the cash.
Home owner, credit history, etc0 -
sounds like a fun game for sureDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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@chanz Depends on the lender, how busy they are, the details of the application and how long a valuer appointment is taking (if an internal inspection is required).chanz4 said:Hi after valuation how long are buy to let mortgages taking?
Very very generally speaking, underwriting of a BTL mortgage app that is based on rental affordability is very little work for the lender and can be very quick.
If the BTL mortgage app requires top-slicing (using the applicant's income to make up for a rental shortfall) then the work involved is very similar to that for a normal residential application.I am a Mortgage Adviser - 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.
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thank you, they had the survey a few weeks back and sols today said waiting for enviromental local search which takes weeksK_S said:
@chanz Depends on the lender, how busy they are, the details of the application and how long a valuer appointment is taking (if an internal inspection is required).chanz4 said:Hi after valuation how long are buy to let mortgages taking?
Very very generally speaking, underwriting of a BTL mortgage app that is based on rental affordability is very little work for the lender and can be very quick.
If the BTL mortgage app requires top-slicing (using the applicant's income to make up for a rental shortfall) then the work involved is very similar to that for a normal residential application.Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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