buying house for cash but need to mortgage asap

bennyblueblue

Hello, We are buying a repo and to get good traction with the EA and lender I have said I will pay cash, the father in law is able to loan. I thought I could get in the house and then mortgage and pay him back but quickly but the building society said it could take 6 months because of the land registry being slow to register the house in our name. We have 40% to put down and we are both working so don't envisage any problems with finance (we have a mortgage agreed in principle)

My questions are: has anyone heard of the 6 months delay and do you think mortgages will be better or worse than now (am looking at a 10 year fix at 4.79)

Many thanks,
Ben

luckyfool

cough cough, rubbish.

Nothing to do with land registry, most mortgage lenders will refuse to remortgage a property that has been owned for less than 6 months due in part to fraud related concerns.

Difficult to say whether they will be better or worse in 6 months, I think the chances are that they will be similar or maybe a little worse.

CharlieBradley_2

Bank of Scotland were cool with the fact the property had only been purchased within the last 6 month.

I done a case through them at the start of the year where the property had only been purchased the previous month.

Not too sure what their criteria will be now mind you, but def worth checking out.