get your questions answered - live! BRR Summits - 7 simple steps to a predictable BRR outcome April 27th through to 6th July - click the link to find dates and locations www.brrsummit.com
#replay. Hi Kevin, when you are on a bridge and refurb is getting close to the finish line how soon you need to stert the BTL application? Essentially , how long does it typically take to switch from the bridge to Bolette once the property is done up?
you need to ensure that, when the mortgage lenders valuer visits, your refurb is completely finished - any work still outstanding will have a detrimental effect on the valuation you get. Bear in mind that instructing the valuation is going to happen early on in the mortgage underwriting procedure, so it would be good practice to ask your broker what the lead time of your chosen lender's valuers are working to currently. The time lapse to switch from bridging to mortgage can vary quite a bit from lender to lender. A good lender cn do it in under 2 months but a 'snowed-under' lender can take double that.
not really but they do view them differently. When a landlord gets above 3 properties they look at it as a business and underwrite the portfolio as a whole rather than just the property in isolation. It means the landlord has to provide a bit more data for the lenders than they previously did.
Is it easy to switch from a bridge to a traditional btl if this is the first ever property (personal or business)?
#replay. Hi Kevin, when you are on a bridge and refurb is getting close to the finish line how soon you need to stert the BTL application? Essentially , how long does it typically take to switch from the bridge to Bolette once the property is done up?
you need to ensure that, when the mortgage lenders valuer visits, your refurb is completely finished - any work still outstanding will have a detrimental effect on the valuation you get. Bear in mind that instructing the valuation is going to happen early on in the mortgage underwriting procedure, so it would be good practice to ask your broker what the lead time of your chosen lender's valuers are working to currently.
The time lapse to switch from bridging to mortgage can vary quite a bit from lender to lender. A good lender cn do it in under 2 months but a 'snowed-under' lender can take double that.
Hi Kevin, maybe a question for next week! Do lenders view portfolio landlords as higher risk than non-portfolio landlords?
not really but they do view them differently. When a landlord gets above 3 properties they look at it as a business and underwrite the portfolio as a whole rather than just the property in isolation. It means the landlord has to provide a bit more data for the lenders than they previously did.
#replay
thanks for watching this week Curtis
#Replay
thanks for watching this week Scott
#repy
thanks for watching this week Somsay