Buy to let mortgage provider process

In order to ensure that your buy to let mortgage application isn't held-up unnecessarily, The Money Centre has agreed with most providers to carry out the following on their behalf:

1. We start by checking your credit profile to establish that it meets our lenders' requirements.
2. We then carefully work through your mortgage application form to make sure that everything has been completed correctly.
3. The next step is for us to get the property valued independently. The value will be based on recent sales of comparable properties and the condition of the property. If there are any obvious problems, such as woodworm or structural damage, the lender may require a specialist report. The valuation will also include an estimated rental income and comments on the local lettings market.
4. At the same time we will begin to chase any references that are needed. Criteria vary from lender to lender, but can include employer's and accountant's references. We will also keep you informed of any further paperwork that is required by the lender.
5. As soon The Money Centre has all the above information, we will send it as a complete package to the buy to let mortgage provider.

Once you have a mortgage offer; it's your solicitor's job to complete the sale. Having established that you are buying what you think you are buying (by checking the Land Registry, boundaries etc.) your solicitor will then exchange contracts. Solicitors handle all monies between lender and vendor. The property is now legally yours and you should get it insured immediately. The Money Centre has partnered with Boswells to provide to competitive buy to let insurance.

Having exchanged contracts it usually takes about one week for the sale to complete. If the property is empty it's a good idea to negotiate a longer period, so that you can decorate the property before letting.

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