Lenders have strict regulations and many requirements, making applying for a mortgage difficult and, at times, unpleasant. Here are our top nine suggestions for ensuring that your buy-to-let mortgage application goes smoothly and stress-free from the start.
We hardly come across property investors who wish to postpone buy-to-let mortgage applications, but you may be doing so unknowingly! Unfortunately, a sluggish mortgage application process can have serious effects, including increased stress and time for you.
Here are some tips to reduce stress and speed up your buy-to-let mortgage application.
- Talk to a Mortgage Broker
Working with an expert mortgage broker is the most efficient approach to expedite your mortgage application. Your broker will be present to ensure that the process goes smoothly for you, and with continuous market volatility, entrusting your application to a competent buy-to-let broker alleviates a lot of the stress. Your broker can also provide vital guidance and support during the application process, addressing any issues or questions you may have.
- Obtain Certified Copies of Documents
Take a copy of your passport and/or driver’s license to the Post Office or your solicitor, who will certify it as a true copy and likeness. When processing a mortgage application, all lenders will want these documents as confirmation of identity.
- Gather All Supporting Proofs
To expedite your mortgage application, begin by gathering all of the supporting documentation that your lender will require. Each lender has its own special needs, so your broker will let you know exactly what you will need to supply. However, it is likely to include:
- Proof of Identity
- A recent utility bill or bank statement might serve as proof of residency.
- A complete list of current properties held, including mortgages and rental revenue. Download our portfolio review spreadsheet here.
- Copies of your most recent three months’ bank statements. Internet statements may be allowed if they include the bank name, account number, and sort code.
- Evidence of personal income is typically three months’ pay stubs and a P60 if you work.
- Proof of deposit for purchases. The lender will require more than just a credit balance figure on a statement; they will want to know where the funds came from.
- A copy of the existing tenancy agreement (for remortgages).
- Complete and Sign the Application Form
You’d be amazed at how often people forget signing their mortgage application form. If you email the application form, some lenders may ask you to give the original with your inked signature, but your broker will be able to tell you if this is the case for you.
If you are planning to apply a mortgage application, it is advised to go with the best mortgage broker firm in Abbotsford, Surrey, and Edmonton. Sandhu & Sran Mortgages is your first choice for getting approval for residential and commercial mortgages in Abbotsford. For more details about our mortgage services and how we can get you approved, give us a call today.