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  • Mortgages & Finance

    Remortgaging from 100% Bridging

    Hi everyone,

    I have recently purchased a property using 100% bridging and luckily I didn't have to put any of my own funds into the transaction but I do have a monthly interest payment, I now need to refinance and have been told that Aldermore will remortgage from 100% bridging with no six month rule up to 75% of the true market value. Does anyone have any experience of this with Aldermore?

    Thanks.
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    Hi Lee,

    Welcome to Property Tribes.

    Interested to understand how you acquired 100% bridging without an exit strategy in place?

    I am not aware of any High Street lenders who allow this, but I believe there are one or two commercial lenders, but their criteria may be more strict.

    I will try and get some mortgage broker input for you to give the definitive answer.
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    Aldermore Commercial will conciser it within six months, Regular Aldermore you will have a hard time.

    If its a "Private Bridge" you may have some difficulties, best advice I can give full deceleration of facts to broker to find you best exit to your bridge.

    Bespoke Finance is direct with Aldermore and should be able to assist. Alternatively Lisa or PTM offer a good service.

    Aldermore has one of the strictest six months rules, but not so much for exiting bridging.
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    As Adan says Aldermore residential which is the 75% option will not do it. You will have to wait over 6 months and if you have not added value you still may not get the amount you want.

    Commercial lenders will consider it but they will usually want you to have at least 10% of your own funds in the deal. When you took out the bridge what was the agreed exit route?
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    Regards Simon Searchlight Finance

    Fulfil Your Property Ambitions

    01565 654005

    Searchlight Finance Ltd is authorised and regulated by the Financial Conduct Authority reference 743220.

    HMO Finance I Complex BTL I Bridging Finance I Development Finance

    Buy to Let I Portfolio Finance I Commercial Mortgages

    Hi Lee

    Unfortunately Aldermore Buy-to-let will not accept this as they require the property to be owned for at least nine months. Aldermore Commercial may consider it. Both Paragon (at 75%) and Virgin Money (at 70%) will allow a re-mortgage within six months of ownership to replace bridging finance, but this would be based on the original purchase price.

    Best regards

    Property Tribes Mortgages
    029 2069 5480
    www.propertytribesmortgages.co.uk
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    Hi Guys,

    Thanks for all your replies, I have an exit strategy in place for after 6 months hence the reason the 100% bridging was accepted by the lender but would like to remortgage earlier if possible.

    I have read through Aldermores residential criteria and contacted them directly and have emails from them directly stating that they will do it and it does fit their criteria even though I have only owned the property for 3 months, I just wondered if anyone had proceeded to a full application on this basis before I pay valuation fees etc as I have already passed the DIP process?

    Thanks.
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