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  • Mortgages & Finance

    Lenders not subject to 6 month guideline?

    Which mortgage companies will lend on a house that has changed hands in less than six months?

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    We are just going through this process and our broker says most don't worry any more. We'll have to see.
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    The list of lenders who offer this feature depends on;
    • Whether it has been owned by the vendor for six months
    • Whether the buyer is refinancing within six months
    • Whether it is a residential property for own/home use
    • Whether it is a BTL property
    These permutations can also cross over and so the individual case is either straightforward, or more complex.

    In the resi mortgage world, obtaining a mortgage from 'day one' has always been quite relaxed, but in the BTL mortgage world (where concerns of money laundering, 'gaming', etc are more prevalent among the banks and their policy risk-averse underwriters) so the 6 month internal rule is more common.

    Because this is not a regulatory stipulation, so it's always been a commercial internal policy rule.

    And because of that, so it's a moveable issue and the list of lenders today could change tomorrow.

    Therefore, as always, if you find yourself with a mortgage requirement on a specific property / deal, call us on that day and we will secure the lender for you based on your specific personal situation, product requirements and who also allow the finance from 'day one'.

    With over 120 lenders (resi, BTL, HMO, bridging etc) available to you via the FCA authorised companies within the https://www.PropertyTribesFinancialServices.com group, we're here to help.
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    http://www.propertytribesfinancialservic...contact-us

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    Hi 
    Santander were able to give us a BTL mortgage one month after owning a flat.
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    Hi John,

    Several lenders can now look to consider even day 1 re-mortgages on properties, there are as the above reply from Property Tribes Financial Services states several factors that can affect the lender's appetite to lend but none the less there are numerous lenders who can.

    I would be more than happy to discuss this with you in greater detail and answer any further questions you may have on the contact details below.

    0345 415 3501 or Propertytribes@mortgagesforbusiness.co.uk

    Thanks

    Glenn


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    Mortgages For Business is a commercial partner of Property Tribes.

    Website: http://www.mortgagesforbusiness.co.uk/

    Email: propertytribes@mortgagesforbusiness.co.uk

    Telephone number: 0345 415 3501