Mortgage help please!

kentish_maid_3

I recently bought a house-applied through independant mortgage adviser for less than 10% of house price-she turned out to be less than efficient,resulting in a huge delay.I eventually managed to borrow the money from relatives so I could move in before Christmas.Lo and behold,the day after I moved in I got the complete mortgage offer from Santander which said it was valid till April.Got time off work this week to sort it out,spoke to IMA who now tells me the offer is no longer valid as I have moved into the property, and I am looking at a three month period before I can apply for a remortgage through Santander!.Looking for advice really as to my best course of action so I can pay the money back to my relatives.Hang on for 3 months, a completely new mortgage, or a secured loan?.Does anyone have advice please?

kingstreet

Three months?

Most lenders require you to own a property for six months before they will consider an application for a new mortgage or remortgage. That includes selling it to someone else who needs a mortgage.

Abbey's criteria reads;-

If the property has been owned by the vendor for less than
six months, the application may be referred for investigation.
This could result in delays to completion or in some instances
the application being declined.

which isn't particularly helpful.

I don't see you have much choice.

As a matter of interest, what date did you apply for the mortgage and what was the date of the offer?

GMS

Most lenders will require you to have owned the property for 6 months prior to refinancing.

The offer you had was for a purchase and you now need a remortgage so it was never going to work.

Can you wait 6 months?

kentish_maid_3

The offer was made on 14th Dec and we first applied on 21st October. We moved in/exchanged and completed all on the same day,15th December.The remortgage waiting time as quoted today was 3 months from the date of moving in.