mortgage question - unusual vendor situation

jimmytk_2 · 19 December 2010 at 1:15PM

I am looking to complete the purchase of a property in the new year, but the vendor's situation is slightly unusual and I am unsure if it will influence my ability to get a mortgage.

The house I am looking to buy is owned by a local building contractor who has has very recently taken the property in part exchange for his own house. He officially completes his purchase of the house in January 2011, and has already exchanged contracts with the original owner. The builder has no intention of living in the house as he is building himeself a new house.

I would be looking to complete my purchase of the house by February-March 2011, so the owner (the builder) will have only owned it about one-two months. I know that some lenders (e.g. Halifax) specify the vendor must have owned the property for at least six months. Is this that case with most lenders? I am looking to get a mortgage with either Leeds BS, Skipton BS, or Newcastle BS.