The Client
We first started working with this client back in November 2020, initially on a new buy-to-let purchase alongside servicing part of their existing property portfolio. The client holds an existing portfolio of buy-to-let and HMO properties, and their key requirement when choosing a mortgage broker was timely service, regular updates and a dedicated point of contact throughout.
The Scenario
The client called us on a Monday morning to let us know about two more properties they wanted to purchase. We searched the whole of the buy-to-let market for the best available deal on their behalf.
The Solution
After presenting the options, we secured a Decision in Principle for the client by Monday afternoon. The speed of the process meant their purchase offer was accepted by the vendor by Tuesday morning, and it also gave the client room to negotiate a discount off the purchase prices, saving several thousand pounds in the process. Applications were submitted to the lender on Tuesday afternoon.
The Outcome
Both applications were approved within 24 hours of the client’s initial call. The client now places all of their mortgage business with us exclusively, and has gone on to recommend us to other landlords in their local property networking group.
Frequently Asked Questions
How quickly can a buy-to-let mortgage application be processed?
Timescales vary by lender, but a well-prepared case can move from initial enquiry to a Decision in Principle within a day.
Having documentation ready in advance is usually what makes the difference between a fast process and a slow one.
Can moving quickly on an offer help negotiate a better purchase price?
Yes, a fast, well-evidenced offer can put a buyer in a stronger negotiating position.
Vendors are often more willing to consider a discount when they can see the purchase is genuinely ready to proceed.
What is a Decision in Principle and why does it matter for buy-to-let purchases?
A Decision in Principle is an initial indication from a lender of how much they would be prepared to lend.
It gives a buyer real credibility with a vendor and estate agent, and helps a purchase move faster once an offer is accepted. It is worth knowing that a DIP is not a guarantee – see our guide to what can happen between a Decision in Principle and a formal offer for what to watch for.
Why use the same broker for multiple buy-to-let purchases?
A broker who already understands your portfolio and circumstances can move faster on each new purchase.
Building that history removes the need to re-explain your situation each time, which matters most when speed affects the outcome of a purchase.
If you have any questions relating to a buy-to-let mortgage, contact us today to speak directly with one of our Mortgage Advisors.
UK Mortgage Broker is a whole-of-market broker directly authorised and regulated by the Financial Conduct Authority. Your property may be repossessed if you do not keep up repayments on a loan secured against it.
Call: +44 1628 969 500
Email: info@uk-mortgagebroker.co.uk
Related Pages
- Buy-to-Let Mortgages – whole-of-market advice for landlords across the UK
- UK Mortgage Rates – current rates available across the whole market
- How Much Can I Borrow on a UK Mortgage? – income multiples and affordability calculations explained