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Mortgage gifted property
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brainstormer3000
Posts: 2 Newbie
Myself and my brothers were gifted a property from our mum. We want to mortgage it to raise some capital, but one broker told us we need to wait 6 months, whereas another has told us we can mortgage it before 6 months. Anyone know which way it is or what lenders will lend before 6 months have expired?
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Comments
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I believe you can mortgage the property without having to wait for 6 months.
The 6 months rule is applied if you have mortgaged on the same property within the last 6 months, majority of the lenders would not re-mortgage it in this period.0 -
Many lenders require 6 months ownership whether mortgaged or not.
A broker may well be of assistance in locating the correct lender for your circumstances rather than applying at random.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes GMS is correct - irrespective of mortgage, its 6 mths ownership.
Holly0 -
holly_hobby wrote: »Yes GMS is correct - irrespective of mortgage, its 6 mths ownership.
Holly
With most lenders, it is not a "law" some will do before the 6 months.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No there's no "law" as you put it re the 6mth issue ...
But GMS is absolutely correct that lenders whom do have the 6 mth criteria base it on ownership pre app (irrespective of mge) - which was the original q and further to Harveys post - and to which I simply noted my agreement.
H0 -
I did say many lenders, not all.
OP best to speak to a broker to see if there is a way forward for you. Be 100% honest with the broker.
Did your Mum just give you the property or was it left to you?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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