How long own a house before taking out a mortgage?

kingstreet

First things first.

You can't transfer a mortgage from one property to another. What you will do is raise a new mortgage to repay the old one. If you use the same lender, you may be able to transfer the rate from the old mortgage to the new one if it's particularly attractive, or you wish to avoid early repayment penalties.

Next, the sub-sale 6 month rule doesn't normally apply in your situation. This is normally reserved for purchases, not for unusual situations like inheritance. C&G is now about as much use as a chocolate teapot since it stopped dealing with intermediaries, so I'll have to rely on Halifax criteria to give you an idea;-

A sub-sale occurs when a property is bought and then sold on within six months, i.e. the borrower is buying the property from someone who has themselves bought the property less than six months before. The date of registration at the Land Registry is how we determine the length of ownership.

This means that the current vendor must have owned the property for at least six months before we can accept an application to purchase that property.

The following cases are exceptions where it is acceptable for the property to be sold on within six months of acquisition by the seller.

Where sales are by:

A personal representative of the registered proprietor; or
An institutional mortgagee exercising its power of sale; or
A receiver, trustee-in-bankruptcy or liquidator; or
A developer or builder selling a property acquired under a part-exchange scheme.

sparklelady_2

Thanks kingstreet . . .I like your no-nonsense approach. It's sorted out a few misunderstandings that I had and I'll know not to try to make brew with said chocolate teapot in the future.