Getting a buy to let mortgage quickly - is it possible?
If you are looking at investing in buy to let property, one of the first questions you might as is “how fast can I get a buy to let mortgage?”.
Every case is different, but typically, you can expect to receive a mortgage offer on a buy to let purchase within 3-6 weeks, and completion another 4 weeks from then. That said, timings can vary depending on factors like whether the property is part of a chain, and any issues that the lender may raise with your file or the property itself during the application.
The process for remortgages is a lot quicker, and in most cases, everything can be wrapped up within 6 weeks.
If you're buying through a property auction or need funds more urgently, a traditional buy to let mortgage might not be fast enough. In these situations, bridging finance could be a better fit. Bridging loans typically take one month (or in some cases even less) to complete. Your ‘exit strategy’ will then be to remortgage from a bridging loan to a buy to let mortgage, which our brokers can help you arrange.
How does a buy to let mortgage work and what is the process?
Step 1: Initial Consultation
Speak with our mortgage brokers about your intended property and budget. We’ll get a better understanding of your financial situation and you’ll be able to ask any questions you might have about the process.
Step 2: Market Research
With our whole-of-market access, our brokers will search for the best lender and rate to suit your property investment plans and your financial situation.
Step 3: Product Selection
Your broker will review the available options with you, help you choose a suitable product, and apply for a Decision/Agreement in Principle (DIP/AIP) from the selected lender; depending on the lender, you may need to complete additional documentation. Our brokers will help you fill in any forms and guide you through this process to take the stress out of the paperwork!
Step 4: Full Application & Valuation
Once the DIP/AIP is agreed, your broker will submit your full mortgage application on your behalf. The lender will then instruct a surveyor to value the property, assessing its value, rental income, and overall suitability. Valuations typically incur a fee, but many lenders offer free valuations on specific rates as incentives.
Your broker will outline these extra costs in advance to help you budget appropriately.
Step 5: Lender Review
The lender will review the surveyor’s report and, if everything is satisfactory, proceed with your application; you may be asked to provide further documentation at this stage.
Step 6: Mortgage Offer
When the lender is satisfied, they will issue a formal mortgage offer (Head of Terms), and if you accept the terms, you can instruct your solicitor to begin the legal process.
Step 7: Exchange Preparation
Once the legal requirements are complete, you can agree on a date to exchange contracts, and if you’re remortgaging, your solicitor will request the funds from your lender.
Step 8: Exchange of Contracts
Contracts are exchanged, and the deposit is paid, making you legally responsible for the property and subject to financial implications if you withdraw from the deal.
Step 9: Completion
You become the legal owner of the property and can collect the keys!
What might delay the buy to let mortgage process?
As with any mortgage application, sometimes there are hold-ups along the way. These tend to be after the DIP/AIP has been processed and can be for a couple of reasons:
- Documents are not sent over when requested – Collating all the documents your lender will need upon submission will save you lots of time. We’ll guide you through what you need to provide and check all the documentation beforehand.
- Differing lender turnaround times – After the DIP/AIP, it is the lenders responsibility to complete the next steps of booking the valuation and asking for any further documentation. This can be delayed due to the lender's workload, experience, and internal processes.
At MFB, our expert brokers track the buy to let lender’s turnaround times for these processes and can advise you on how long they’re likely to take. Sometimes, clients will choose a lender with a higher rate simply because their circumstances require a faster completion time.
What are the benefits of a product transfer?
A product transfer is when you choose a new rate from your existing lender.
There are times when choosing a product transfer can be beneficial move:
You could save money by transferring products before reverting onto your lender’s standard variable rate (SVR), which is often much higher.
The rate switch process is also time-efficient, good for last-minute borrowers who haven’t had the time to go through the remortgage process or those already on an SVR.
Product transfers are a quick way to secure a refinance, but you’re limited in terms of rate options. It’s always worth exploring all the available buy to let deals on the market and having one of our brokers calculate the most cost-effective rate, and process, for you.
Find out more about whether a product transfer is a suitable option for you.
What documentation will I be asked for during the application process?
Exact requirements can differ from lender to lender, but typically you will be required to provide:
- The completed and signed mortgage application form.
- Proof of identity for each applicant: A passport or a driving licence are usually acceptable.
- Proof of address for each applicant: For example, a utility bill and a bank or credit card statement dated within the last two months.
- Proof of funds for the deposit: Bank/savings statement over the past three months. If you’ve had a large amount credited into the account, you’ll need to provide evidence of the source of that money.
- Proof of income: Your latest P60 and three months’ payslips if you’re employed or tax returns and calculation summaries from the past two years if you’re self-employed.
Additional documentation:
- If purchasing through a Limited Company/Special Purpose Vehicle (SPV), you may need the latest accounts for the company (unless it's a newly set-up company).
- If the property is an HMO and the local authority requires HMO licensing, you will be required to submit the HMO licence or proof of the application for the licence.
The benefits of using a BTL mortgage broker
Many buy to let mortgages can only be accessed via a specialist brokers, so you’ll get a wider range of mortgage options than if you go direct yourself. With our experience and time in the market, we’ve developed strong relationships with some of the key lenders in the buy to let space. Consequently, we often get access to limited edition and exclusive products you wouldn’t access from high street lenders.
Working with a broker can also save you time and money. We’ll guide you through the process, help you avoid common mistakes, and give you a clearer idea of how long things will take. When time is of the essence, having a helping hand and expert guidance is invaluable.
Customer Success Story: Application to offer within 5 days
The Client: A self-employed decorator and landlord with three vanilla buy to let properties in greater London.
The Properties: Two semi-detached two-bedroom houses on the same road, both with long term tenants.
The Finance: The client wanted to remortgage the properties and raise capital to purchase another for his growing buy to let portfolio. He had already found a property that he wished to purchase.
The Challenge: As he’d already found a property, the client was after a quick turnaround time to secure the new purchase. To keep costs down, he asked that we source fee-free mortgage products so that he wouldn’t be charged for the valuation or legal and arrangement fees.
The Solution: Using our knowledge of the whole market, we identified which lenders could process this type of remortgage quickly and we narrowed our search to just fee-free products. Once a suitable mortgage had been chosen, we highlighted to the lender the need for a quick turnaround on the case at the start of the process. Much to the client's delight, a formal mortgage offer was granted within 5 days of submitting the application, and the funds were released within a month.
This article was updated in October 2025.
Get started with your BTL investments
To discuss your property investment plans, contact one of our expert brokers. We can review your options to help you get started and find the best mortgage rate for your needs. Call us on 0345 345 6488 or submit an enquiry here.
