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back to back sale
cycloneuk
Posts: 363 Forumite
I read somewhere that banks won't lend in cases where someone buys a property and then puts it straight back up for sale, does that only apply if a mortgage is on the property? if someone buys cash and refurbishes a property and offers it straight back for sale then it is not an issue right?
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Comments
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When selling it on, if the buyer needs a mortgage, the owner will usually have to have owned the property for at least 6-12 months.
Could sell to cash buyer.
Jx2024 wins: *must start comping again!*0 -
The issue is the property changing hands. Mortgage or not, is immaterial. If a lender applies the six month "rule" (some do, some don't) a mortgage will not be granted by the ones that do, on that property, until it has been in its current ownership for six months.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
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