BTL "6 month ownership rule"

TMSL

You can use northern rock, they will allow a day 1 remortgage but they will only allow you to remortgage to 70% of the original purchase price, this is important it is not a remortgage to open market value like to good old mortgage express days.

Conrad

Bare in mind buy to let mortgage criteria is extremely tight now. Most lenders want proof of minimum earned income. TMW offer some good value deals but I find they decline the vast majority - even some really decent cases for an almost infinite variety of reasons. Very fussy on property type to and it's proximity to anything commerical such as a pub.

I'm not saying it's impossible, but damned tricky usually.

The application itself will throw you as they tend not to be designed with your situation in mind. Online applications in particular are a hoot!

Conrad

Also - BEWARE - some lenders will not class this as a remo as there is no existing mortgage. This makes completing a 'purchase' application a real pain as the computer software assumes things like it's not already owned. Questions like 'when do you expect to exchange contracts / who is the selling agent / are you purchasing the prop[erty with any sellers incentives etc etc etc etc etc

phlash

Thanks for the advice to date.

A strategy of emailing the sales team directly is the best I believe, as the application is very bespoke.

You are right Conrad, if you don't fit the box, the applications can be very :mad:.

I will report back if TMW are offering anything to fit this thread.