BTL refused...how long until we can re-apply?

robp

We were refused a BTL mortgage on a place we bought at auction for refurb, with a view to letting it out.

Luckily we scraped together the cash to buy it and it's well on the way to being ready for occupancy by Christmas 2009.

Natwest said they refused due to the place not having a kitchen and therefore not being habitable. We explained the whole point was that we were going to refurb, but they refused.

They also said that because we paid cash for the house, we cannot re-apply for another mortgage on it until 6 months have passed. They said this is due to money laundering laws.

Can anyone please confirm if this is correct?

Thanks for any help.

_Andy_

Yes it is.