Vendor 6 month ownership

seikothrill

I recently purchased a number of properties on bridge loans or BTL products will no redemption penalty at any time.

The properties are now fully re-furbished and I was looking to either:

1. sell them or
2. re-mortgage them (especially the bridge loan properties) and keep them long term

However I have come up against a vendor 6 month ownership rule before someone can purchase off me or allow me to re-mortgage.

Has anyone any ideas especially regarding properties I wish to retain by way of re-mortgage to reduce monthly costs?

Thanks in advance

dimbo61

Unless you bought the properties and then had the builders move in the next day and refurb the property in six weeks flat I guess you will have owned the properties for a couple of months already and if you now chose to sell then that will take a couple of months to arrange.
Now if you wish to change to a BTL mortgage I hope you have at least 20/25% equity in all your properties !
Selling in the current market is difficult and if you bought cheap and then spent thousands on a refurb please dont expect it to be worth more.