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  • FIRST POST
    Snich76
    Buy and Sell Within 6 months
    • #1
    • 10th Jan 12, 5:10 PM
    Buy and Sell Within 6 months 10th Jan 12 at 5:10 PM
    We are planning to start a venture buying and selling property. My partners are experienced in property development but not the buying and selling aspect. I have discovered that mortgage companies do not give mortgages to people who are buying properties that have been owned for less than 6 months.

    Whilst this doesn't affect us initially, it could cause a problem when we come to sell a property we have only had for a couple of months or are flipping as the buyer may not be able to obtain a mortgage. Before I go back to my mortgage advisor, my question to you is this: does this 6 month rule apply to mortgaged properties only or all properties? Basically, if we were to purchase a property cash (without mortgage) then sell it within 6 months would the buyers mortgage company be ok with giving them a mortgage due to the fact that only 1 mortgage charge would go against the property within 6 months, or do they use the land registry information to ascertain ownership regardless of mortgage so even if we bought it cash then sold it to a buyer who wants a mortgage they would still reject their application?

    Also, is this 6 month rule industry standard or just a select few mortgage companies?

    Hopefully the above is clear and any feedback and sources would be appreciated?
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