Any lenders for remortgage with no existing mortgage?

charlievalentine_2

Hi Folks,

I have trawled the net but can't find the info I need. We are moving in to a house tomorrow that my boyfriend owns outright. It was previously vacant. We wanted to remortgage it and originally went to Santander (as we bank there) who approved then cancelled the app twice on completion day in the last month! They first said it failed on a technicality and told us to reapply. It appears it states in their lending criteria that you must live in the property you want to remortgage. They fully knew our circs so wasted out time as we only move tomorrow and never claimed we lived there. I have been looking aroung and notice a lot of lenders require you to have an existing mortgage, and we don't. Anybody have any suggestion of where would should go. Looking to borrow £40000, house worth £75000, no credit probs as far as we know.

Many thanks

Senior_Paper_Monitor

Comparatively easily done (provided it is habitable .. bathroom, kitchen, roof etc + he has owned it for minimum 6 months) on the information given - go to a whole of market mortgage adviser rather than direct to a high street bank

Crashandburn

Avoid Halifax as they'd treat it as a purchase rather than remortgage and won't give you stuff like free valuation and solicitors.

Northern Rock would allow remortgage after day 1 of ownership if the vacant thing is an issue

kingstreet

It's a remortgage of an "unencumbered" property you're looking for. It's fairly straightforward but be prepared to answer questions about the use of the funds you wish to borrow.

Some lenders will also not allow you to use their free-legals package on such a case.

Independent or whole market broker should be first port of call.

charlievalentine_2

Thanks very much all

Conrad

Be aware your credit score will fall when you move home, as the software won't be able to trace you there for some time and won't be able to find financial footprints of you there.

I nice little local Building Society might be best as they tend to have a Human hands - on approach whereas any large lender with IT lead infrastructure may struggle to fit you into thier process, and the staff tend to be far distant and not really have any notion for you as an individual.

A broker might not offer you DIRECT schemes which tend to be cheaper for you.