Things to consider before applying for a buy-to-let mortgage – What Mortgage

Obtaining a buy-to-let mortgage is made easier by following a few different steps. First, ensure the property you want this type of mortgage for is not actually listed for sale. If it is for sale, you run the risk of having an unsuccessful application. Second, know whether or not your property meets the basic energy efficiency requirements. Lenders may not accept the mortgage if it doesn’t. Next, ensure that the property is in good shape and actually ready for potential tenants. Finally, make sure you do research on what to expect in the area in which you live or look for property in popular areas that will increase the likelihood of tenants.

Key Takeaways:

  • If interested in applying for a buy-to-let mortgage ensure the property is not for sale as this could result in rejection.
  • Make sure you are aware of the property’s Energy Performance Certificate rating and it meets the basic requirements.
  • Know the condition of the property because if it is in good condition it may lead to a higher chance of getting the mortgage.

“Selecting a property which meets energy efficiency standards, is in good condition and is based in a good location will help boost your chances of getting a buy-to-let mortgage.”

Read more: https://www.whatmortgage.co.uk/news/buy-to-let/things-consider-applying-buy-let-mortgage/

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