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  • Buy-to-Let

    Second BTL - how soon after first purchase?

    Hi,

    I've bought my first BTL via Ltd company in December for cash, so potentially I could take the money out of it for my second purchase.

    I am wondering when will I be able to apply for remortgage based on history of rent from current property? Do I need to wait 6 months before I apply to Paragon/Precise/Kent reliance or some other niche lender or could I do it earlier?

    I'll appreciate your comments

    Happy New Year Smile

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    Different lenders require different things and their criteria varies enormously.  Some lenders will not just wait 6 months until after purchase, but may make you wait until you have actually received 6 months worth of rent - this could be 8, 9 or more months after you got the keys in the first place.

    I would suggest that you speak with a BROKER who knows this specialist market and who can provide you with access to all of the right lenders for now and the future and get yourself ready and 'good for the money' for when you can / need to refinance.

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    This is what is called a day 1 lender (even though its 6 months). There are a number of lenders who do this but usually with a premium on the rate. What are your time frames? If for example you are looking at a probate sale then I would suggest you wait the 6 months. If its a hot property on the market then you need to accept you pay for this.

    If you need any help please get in touch.

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    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022


    Joanna I bought my first 4 BTL's last year (like you, through a limited company) and am in the process of refinancing the two unencumbered ones through Paragon, despite both being less than "6 months old". My broker (who I rate highly) told me I might get a better rate if I waited 6 months but there was no guarantee and she didn't feel it was a big issue.

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    Thanks for all your comments Smile I will try my luck than Smile

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