As a professional landlord it’s not just about the rate when choosing a BTL remortgage, it’s also speed if you are approaching your current lender’s variable rate. If you have a quick lender and competitive rates you are on your way to a speedy completion for your Buy to Let Remortgage.
These are some of things a lender can do to speed the process up:
- Title Insurance
- Electronic Signatures on Application Forms
- Open Banking
- Relaxed view on Independent Legal Advice
Ideally the lender should also offer the following:
- Product Transfers
- Extensive solicitor panel
- Ability to repay extra each year
When comparing mortgages always add up all the costs including interest, all lender fees, legal costs and providing Independent Legal Advice for the personal guarantee.
Also look at the information they need and how long will it take you to prepare. The list includes:
- Portfolio – will it meet the lenders LTV threshold, with most it’s 75% although some are less and others more
- Rental Calculation across portfolio
- Business Plan – doesn’t take long and lenders have their own format
- Cash flow – the longest to do but not many lenders ask for it
- Bank Statements confirming income on the portfolio
- Tax Year Calculations, SA100 and Tax Year Overviews for at least two years
- Limited Company Accounts for at least two years
- EPC – are they all E or better. If F or G a lender may ignore the income but still include the debt
We’ve been doing this type of mortgage for many years so please contact us if you need help on your next BTL remortgage.