Buy to let mortgage buyer

kiwi07

What checks EA has to perform if there is a Buy to let mortgage buyer? EA states he believes he will be using buy to let mortgage.  It that information sufficient for passing the offer to the seller? What checks have to be done by them before? I still think the best is a cash buyer or someone who sold the property? Dont want time wasters

FlorayG

None. Where the buyer gets the money is completely irrelevant to the seller. Buyer either can pay or can't that's all the seller needs to know

kiwi07

FlorayG said:

None. Where the buyer gets the money is completely irrelevant to the seller. Buyer either can pay or can't that's all the seller needs to know

Does the buy to let buyer has to have a mortgage approved already ? Because "he believes he can get a buy to let mortgage" is not convincing enough

PRAISETHESUN

kiwi07 said:

FlorayG said:

None. Where the buyer gets the money is completely irrelevant to the seller. Buyer either can pay or can't that's all the seller needs to know

Does the buy to let buyer has to have a mortgage approved already ? Because "he believes he can get a buy to let mortgage" is not convincing enough

Surely this isn't any different from someone who needs a non-BTL mortgage? Your EA should be filtering out those who they believe are not serious or who are not proceedable. That's what you're paying them for after all.

AskAsk

as said above, same as any other buyer so the EA needs to see the mortgage agreed in principle and i also ask to see proof of funds to fund the rest of the purchase as BTL mortgages cover less of the property value so the investor has to put in more of his own money.

kiwi07

Do I have to let that buyer even to view my property on that basis? Or they only have to do the check of proof the funds and mortgage agreed  if he makes the offer?  

grumpy_codger

kiwi07 said:

Do I have to let that buyer even to view my property on that basis? Or they only have to do the check of proof the funds and mortgage agreed  if he makes the offer?  

This depends on how eager you are to sell the house. What do you have to lose by letting to view? Most EAs don't want to waste their time on arranging viewins until they see proofs that the potential buyer is financially capable.
When making an offer a potential buyer does have to demonstrate profs of the funds.

kiwi07 said:

 I still think the best is a cash buyer or someone who sold the property? Dont want time wasters

Well, you can wait for a cash buyer if you wish, but experts say 2025 is buyers' market, not sellers'.

kiwi07

grumpy_codger said:

kiwi07 said:

Do I have to let that buyer even to view my property on that basis? Or they only have to do the check of proof the funds and mortgage agreed  if he makes the offer?  

This depends on how eager you are to sell the house. What do you have to lose by letting to view? Most EAs don't want to waste their time on arranging viewins until they see proofs that the potential buyer is financially capable.
When making an offer a potential buyer does have to demonstrate profs of the funds.

Because if he views and then I go from this agent, then he will be in a list of viewers. So do I have to ask EA about proof of funds before even letting to view?

FlorayG

kiwi07 said:

grumpy_codger said:

kiwi07 said:

Do I have to let that buyer even to view my property on that basis? Or they only have to do the check of proof the funds and mortgage agreed  if he makes the offer?  

This depends on how eager you are to sell the house. What do you have to lose by letting to view? Most EAs don't want to waste their time on arranging viewins until they see proofs that the potential buyer is financially capable.
When making an offer a potential buyer does have to demonstrate profs of the funds.

Because if he views and then I go from this agent, then he will be in a list of viewers. So do I have to ask EA about proof of funds before even letting to view?

That will apply to ANYONE who views the property. There's absolutely no difference between a BTL buyer and one who wants to live in the house. They either have the money/mortgage in principle or they don't.

AskAsk

kiwi07 said:

Do I have to let that buyer even to view my property on that basis? Or they only have to do the check of proof the funds and mortgage agreed  if he makes the offer?  

only after he has made the offer and you are acceptable to it, will the EA have legit stand to request proof of funds.  some EA will insist on seeing the mortgage in principle before showing a property but i don't think this is common as some people can get that after they have viewed the property and is interested to go and get a mortgage agreed.

kiwi07

AskAsk said:

kiwi07 said:

Do I have to let that buyer even to view my property on that basis? Or they only have to do the check of proof the funds and mortgage agreed  if he makes the offer?  

only after he has made the offer and you are acceptable to it, will the EA have legit stand to request proof of funds.  some EA will insist on seeing the mortgage in principle before showing a property but i don't think this is common as some people can get that after they have viewed the property and is interested to go and get a mortgage agreed.

So they can even put an offer without having a mortgage in principle at all?