Personal experience of portfolio remortgaging process?

Personal experience of portfolio remortgaging process?

13:23 PM, 5th February 2018, About 6 years ago 3

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I’d like to hear about other landlords experience of remortgaging BTL Properties with the new portfolio landlord regulations bought in in September.

How much longer does it take to process? Some lenders appear to be asking for more evidence than others.

For some, it appears to be just a property schedule, others want more complex cash flow forecasts and business plans.

Many thanks


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Howard Reuben Cert CII (MP) CeRER

14:08 PM, 5th February 2018, About 6 years ago

The answer is .... it depends!

It depends on;

the lender
their current service levels
the documents they need (different lenders ask for different data in different spreadsheet formats!), and how long it now takes for the borrower to collate all of the required information
the product stress tests which - for some lenders - are assessed at the outset and then again just before an Offer is issued (which sometimes fails the underwriting at the second stage)
how busy your Broker is
how specialised your Broker is
... etc!

Stephanie, as a specialised BTL Brokerage which works closely with hundreds of BTL landlords and we have arranged hundreds of millions of pounds in mortgages, I can give you an inside point of view. Some of our BTL mortgage offers have been issued in a matter of days, whereas others have taken weeks or even months.

Bottom line, to know how long it will be for you personally, you will need to discuss your requirements with a professional BTL Broker who will undertake a full Fact Find process and then present to you the options for which you are eligible. If you stipulate a requirement for fast service (which may be with a lender who's rate is higher than a slower lender!) then you will have those options too.

In summary, there are more and more lenders coming in to the market (which is good for competition), there are many lenders drowning in the levels of new business at the moment (and we know who they are) and of course 'post-PRA' there are far fewer Brokers in the market as they simply can't keep up with the changes and who have chosen to no longer dabble in the specialised BTL marketplace.

Our proposition remains robust and our Team of specialist BTL Brokers is committed to the BTL market.

Christine Turner

20:47 PM, 6th February 2018, About 6 years ago

Managed to re-mortgage 2 properties just before Christmas. Was pretty straightforward. My broker said my portfolio overall was 50% ltv, so no problems. Swapped from BM Solutions, whose product transfer rates were abysmal to Mortgage Works.

Jireh Homes

21:03 PM, 10th February 2018, About 6 years ago

As Howard has noted does depend on the mortgage company. I have loans from TMW, NatWest, and Skipton and on re-mortgaging to new fixed rate products a list of the properties values, mortgage loan, LTV, rent was all that was required. Perhaps if moving to a new lender the requirements may be more detailed, but most good brokers should know the expectations. Allan

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