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Instant re-mortgage lenders
mastermark_2
Posts: 5 Forumite
Just purchased our own home outright but would like to re-mortgage immediatly to start work on the house. We live in Hornchurch, essex and was wondering if anyone knew of any Instant re-mortgage lenders in the surrounding area, so we can make enquiries?
thanks
thanks
0
Comments
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Most lenders have a six month minimum before they will accept a mortgage application. You have to have owned the property for that time, or they view it as a "sub-sale" or "back to back" transaction.
If you can find a lender do do this, it normally takes four to six weeks for the application to be processed.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Talk about small world. Our office is in Park Lane (Hornchurch that is...!)
The majority of lenders have a 6 month rule in place as Kingstreet says, although so long as you are not trying raise funds remortgaging against the new value and just the purchase price subject to circumstances there are likely to be options.
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Talk about small world. Our office is in Park Lane (Hornchurch that is...!)
The majority of lenders have a 6 month rule in place as Kingstreet says, although so long as you are not trying raise funds remortgaging against the new value and just the purchase price subject to circumstances there are likely to be options.
Good luck
Dave would your firm be able to help?0 -
If its your main residence then Nationwide might be able to help in my experience...0
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Not really allowed to "tout" or go looking for new clients on the forum.
That said, there are many brokers that "subject to circumstances" that will be able to find a solution for you around the 6 months ownership rule.
Given you will not have access to 90% of the market, you need to consider what is more important in terms of accessing a product now vs potentially having access to the entire market in 6 months.
Process typically takes 4-6 weeks from you pushing the button to funds in your account. Solicitors tend to be a large part in this process.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Why didn't you obtain sufficent funds at the outset?0
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didn't need them then0
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