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Would this property be considered 'Lettable' from a Buy-to let mortgage lenders' perspective?

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Hi All,

New to the forum and looking for some insight into what my chances may be of securing a btl mortgage in limited time,

So to cut a long story short, I have purchased a flat in auction just on Friday 28/2/21, yes I know it's crazy but I haven't physically seen it. I was outbid on the actual auction, however it didn't meet the reserve so didn't sell. A week later I get a call, it's still available and being offered to me below the reserve before it's back in auction a week later, I make a lowball offer which was refused, I then offer to meet half way to the sellers asking price and I would make a deal today (Friday). A couple hours later I get a call and the seller has accepted! It's local, I know the area and market value, and it's got enough of a margin to cover potential issues, although I'm confident it's a straightforward renovation (new bathroom, kitchen decoration, possibly new boiler), so I FOMO'd and paid the deposit to secure it without viewing, and yes I studied the legal pack and all is good.


To cut to the chase it will be a buy-to-let investment, and it is still sold under auction conditions with a 6 week completion date, and my intention is to renovate to a good standard before letting.  I want to try to secure a buy-to-let mortgage in time to avoid extra costs of bridge loan. The property does look to be in 'habitable condition' , but my question is is it in 'lettable' condition? 

The only hurdle I can see that could delay the mortgage application is if the survey may regard it as not in 'lettable' condition before renovation.

I know the property was being lived in by the owner/occupiers until recently, from the pictures it obviously needs renovating/modernising, but assuming it has a working kitchen, bathroom, electrics, heating and no holes in the roof, would lenders consider it unlettable just on the basis it needs updating? 


I want get some idea if this is doable from anyone with experience in getting a buy-to-let mortgage for auction property, and what hurdles you had with it. Pictures are attached.


Appreciate your help members.








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You should get a BTL mortgage on the property. Pictures suggest it would benefit from some modernisation, but appears 'habitable'. EPC requirements are usually E or better which is met. 

However you will struggle to get a BTL mortgage completed in timescales  typically expected under auction purchases which is usually around 4 weeks - (what timescales are you expected to work within?)

Most of the lenders are slower than usual, staff working from home, increase in applications due to the SDLT holiday,  etc

Many Valuations and Legals seem to be taking longer than usual, again some will be homeworking, some also busy due to increased work with the SDLT holiday, longer delays in searches etc.

In normal times a BTL would take around 4-6 weeks, unfortunately cases seem to be taking longer than this at the moment.  

Commercial Finance Broker ¦ Property investor ¦ Ex banker/underwriter with over 20 years lending experience

Commercial Lending Manager at Real Finance Ltd - www.realfinance.co.uk
Happy to discuss any queries regarding property finance for  Company/Complex/Portfolio BTL, HMO, MUB, Holiday Let, Commercial, Bridging & Development.  


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Thanks for the advise Kirsty,

The auction terms are 30 working days which is 6 weeks, so there is some extra time there.

I have been speaking to some brokers, a few have said it won't be possible but a couple are confident they will. I think it may be best to try and have a plan b in place in case it doesn't work out

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