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How Long Does A Buy To Let Mortgage Take?

Looking to get your first buy-to-let property but don’t know how long you would need to wait to get it? Dive in to learn about the timeframe in detail.
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A buy-to-let property can be one of the most efficient investments you can make in your lifetime if your circumstances be fit it. 

And as is the case with most potential landlords, you may require a buy-to-let mortgage to purchase the property. But how long can it take for you to receive the mortgage amount? 

Read on to find out.

How Long Does It Take To Get A Buy-To-Let Mortgage?

Honestly speaking, every case is unique and the time frame involved in successfully procuring a buy-to-let mortgage can widely vary from one case to another, depending on its complexity. 

However, it’s fair to say, it can take anywhere between 3 and 6 weeks for potential renters to get a favourable mortgage offer from the date of submission. And buying the property by completing all formalities can take another 4 to 5 weeks thereafter when taking into account conveyancing. 

But what are the steps involved in applying for a mortgage, and how long do they take? Here’s a brief overview of the same:

1. Application Process (Start)

Once you’ve found the right buy-to-let property and lender for getting a mortgage, the first step is to submit an application to the lender. In other words, you will be providing the lender with all the necessary information about yourself, your finances, the property, and any other detail they may ask for. A lot of applicants will work with a mortgage broker to complete their submission. 

Generally, the preparatory step can take anywhere between 1 and 2 weeks, or even more, if you haven’t done your research about the property in advance to get the required details or do not show urgency in preparing all your documentation. 

2. Valuation

After you’ve successfully submitted the application, the lender will assess the property to determine a valuation. This can take anywhere between a few days and a couple of weeks, depending on the size of the property and the complexities in its history. Some lenders may do this at the end of the mortgage underwriting stage detailed below so a valuation is not done if it was not necessary. 

3. Mortgage Underwriting

Mortgage underwriting takes place alongside the valuation when the lender processes your application in more detail.

In hindsight, this step involves checking your credit score, finances and your ability to repay the mortgage, all of which play a huge role. And this process typically takes not more than 2 to 4 weeks unless there are any discrepancies observed by the lender or additional underwriting requirements.

Please bear in mind you may have to start over if the application does not yield the desired results.

4. Legal Work

As soon as your mortgage application is approved, you will need to use a conveyancer who can help you complete the legal formalities of the mortgage. As such, the necessary steps may be completed in a matter of weeks or months, again depending on the size and complexity of the mortgage.

5. Exchange & Completion 

Finally, after all the steps are successfully completed, exchanging contracts, releasing the funds and completing the buying process can take place.  

Can Anyone Apply For A Buy-To-Let Mortgage?

Simply put, meeting certain criteria puts you in the best seat to get a suitable buy-to-let-mortgage with the right interest rate, which include:

  • Age- not less than 25 and not more than 75
  • Current ownership of own residential property
  • Minimum deposit of 20% to 40% of the total value of the property
  • Minimum rental income of 125% of the total mortgage repayment (in certain cases higher). 
  • Minimum annual salary of £25,000

However, the important thing to note here is that the above-stated will largely vary depending on the terms and conditions of the lender. 

For instance, some lenders may agree on a deposit of as low as 15% (which is rare). Apart from that, some lenders may lower the minimum age for applying for a mortgage to 21 years, while other buy-to-let mortgage lenders may require you to own your home for at least 6 months. 

Likewise, some lenders may be satisfied with rental income being the only source of income for repaying the mortgage, while others may need you to have earned or  a secondary source.

Hence, it’s important to do your research properly to understand the different qualifying criteria applicable to different lenders. Otherwise, you will just waste your time submitting applications and waiting for approvals. And this is especially important if you’re about to invest in your first buy-to-let property.

What Can Delay Getting A Buy-To-Let Mortgage?

1. Failure To Provide Information

This one is as obvious as it gets- failure to provide the information requested by the lender will invariably delay the whole process. So, make sure you have a thorough understanding of all the information and paperwork that your potential lender may require. 

At the same time, all information you provide should be completely accurate. Here, we’d recommend gathering as much information as possible before starting with the application process, like:

  • Payslips
  • Tenancy agreements
  • Portfolio history (if applicable)

2. Inadequate Communication

Your lender will likely have multiple clients to cater to simultaneously, which can result in communication gaps if everything is not provided correctly, delaying the approval process. Likewise, if you’ve started with the application just before a long holiday season, you can expect delays of at least a few days.

One way to counter this problem is to follow up regularly after you’ve applied for the mortgage and furnished all details. And contact your lender as soon as you have any query rather than waiting for later. As earlier outlined, a lot of applicants rely on a broker to manage your application and successfully navigate any of these problems. 

3. Insufficient Or Delayed Fund Transfer To Your Solicitor

In most cases, you will have to transfer sufficient funds in advance to your solicitor to complete the purchase or even an amount at the start of the conveyancing.  So, make sure you complete these steps swiftly for your solicitor when called upon. 

FAQs

1. What is the reflection period for a mortgage?

The reflection period for mortgage seekers to decide whether or not they will accept the mortgage. This period starts as soon as a binding mortgage offer is made, and you can waive it off if you decide to accept or reject the mortgage immediately.

In most cases lenders accept a completed certificate of title provided from your solicitor as acceptance by you of the mortgage offer. 

2. How long does a mortgage offer last?

The validity of a mortgage offer will depend on the lender, but it typically lasts between 3 and 6 months on average. Some lenders may also set a definite deadline. 

**A buy to let mortgage will be secured against your property.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.

All content is written by qualified mortgage advisors to provide current, reliable and accurate mortgage information. The information on this website is not specific for each individual reader and therefore does not constitute financial advice.

Our goal is simple - to provide most up-to-date and accurate mortgage information to make your mortgage journey as stress-free as possible. Have a question? Fill up the quick form and one of our mortgage advisor will connect with you.

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