Application

Once you have selected a buy-to-let mortgage product you will be required to fill out an application form for the lender. This will normally include your personal details; financial history and current credit arrangements; employment and income details; and your buy-to-let mortgage requirements, including property details and expected rental income.

After submitting your application, the lender will provide a Decision In Principle (DIP) or Approval In Principle (AIP) based on the information you have given. Either your application will be accepted or declined.

On receiving a successful DIP or AIP, you will normally be asked to submit supporting information such as proof of ID, proof of residence and proof of income. These requirements vary for each lender and it is important that you provide all of the relevant information you have been asked for.

At this stage the lender will also instruct a valuation to be carried out to assess the value and expected rental income of your buy-to-let property. If the valuation report and all supporting documentation are satisfactory, the lender will issue a Mortgage Offer.

Offer

Once you have received a Mortgage Offer, your solicitor can start conveyancing proceedings and arrange a completion date for the property purchase. Mortgage Offers are usually valid for a fixed period of time of between 3 and 6 months.

Completion

Your solicitor will arrange for the mortgage funds to be drawn down on the date of completion and transferred to the vendor.

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