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Property Hawk
Why bother with a mortgage broker - advice for landlords and BTL.

Speed & convenience
Firstly, using a mortgage broker is often the quickest way of a landlord finding the specific buy-to-let financial product that is right for them.  There are literally hundreds of BTL mortgage lenders & thousands of buy-to-let mortgage products for a landlord to go through.   Searching comprehensively takes a vast amount of time.  Property Hawk has tried to simplify the process by providing landlords with our comprehensive {{ LINK Mortgages.aspx search tools }}.
The other thing that a BTL mortgage broker will do for a landlord is carry out much of the tedious administration & paperwork associated with applying for a buy-to-let loan.  A landlord will initially have to provide the information to the mortgage broker for them to complete a buy-to-let mortgage application. The BTL mortgage broker will then submit the mortgage application form and ensure that the landlord provides all the required supporting information such as proof of ID, proof of address, evidence of employment status and income, etc that the BTL lender needs. 

If the buy-to-let mortgage lender then has any further questions about the mortgage application, these will then be directed at the BTL mortgage broker not the landlord.  This will all save time and reduce the hassle for a landlord.

Increased choice of buy-to-let mortgages

What many landlords who are not familiar with the buy-to-let mortgage industry may not know is that some mortgage brokers are able to access many buy-to-let mortgages that are not directly available to a landlord.  This is because of {{ LINK MortgageAdvice.aspx?Id=159 the way the buy-to-let mortgage industry is set up}}.

This means effectively that some of the best BTL mortgage rates and products are only available through a BTL mortgage broker.

More likely to be successful in getting an advance

A mortgage broker does not provide the mortgage themselves, they are effectively an adviser.  A buy-to-let mortgage broker normally accesses buy-to-let mortgages through what are called mortgage packagers.  These packagers have access to a range or panel of lenders.  It is though these companies that a BTL mortgage broker obtains a buy-to-let mortgage for a landlord.  The nature of the mortgage industry means that mortgage packagers will not deal directly with landlords.

BTL mortgage brokers can often obtain a mortgage for a landlord that is struggling to access BTL mortgage finance on their own.  This is partly because a buy-to-let mortgage broker knows which lenders to approach for each type of lending scenario.  The other factor is that BTL mortgage brokers will often have people they know at the packager or mortgage lenders.   A good BTL mortgage broker  will then be able to ‘smooth’ a mortgage application through and be able to answer any questions posed by a concerned buy-to-let mortgage lender.

Inside knowledge
Inside knowledge is a great thing.  This is one thing that landlords are also paying for when they use a BTL mortgage broker.  Not all buy-to-let mortgage lenders are the same.  Some are slower, some are easier to deal with and lets be frank, some are more likely to approve a landlord's buy-to-let mortgage application.  As a landlord applying directly you will not know this. 

An experienced mortgage broker will know which BTL mortgage lender will suit an individual landlord's particular circumstance.  Mortgage lenders and in particularly their underwriters (the people that approve a BTL loan) tend to be more likely to approve a BTL mortgage application when it has come through an intermediary that they know and trust.

The whole application process of applying for a buy-to-let mortgage can be intimidating to a landlord, particularly if they have not done it before.  There are the application forms, the supporting documentation, the ID evidence, valuations, etc.  This can all be done independently but some times having a  mortgage broker to assist the landlord through the process is useful particularly to a novice landlord.

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