how long after a new purchase can you remortgage?

melj16melj16 Forumite
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we've found a house which is being asset managed and therefore the agents are keen to get rid. It was going to go to auction with a guide price of £45k (its a small two bed terraced house with a small amount of work required)

The agent has indicated that the vendor is wanting £52k for a quick sale. So we'd be looking to put a 20% deposit down, and mortgage the rest.

A property exactly the same a few doors up has been valued at £70k.

How soon after doing first time buyer mortgage could we remortgage to release some money to do home improvements. I know in an ideal world we would have the extra money to do the property up without having to remortgage......but we havent, however we see this is a great opportunity to snap up a good deal, hence why considering this (remortgage) as an option.....

Based on a value of £70k and remortgage of £52k we would still keep our 20% equity and importantly stay in the same interest bracket.

Any knowledge with this would be appreciated.....thanks in advance.

Replies

  • dimbo61dimbo61 Forumite
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    I think that ship has sailed.
    If you buy the property for £52,000 that is what the land registry will record.
    If you keep the property for 6 months, do it up and put it back up for sale at £70,000 the buyers will have to get a survey and valuation done !
    The surveyor will look at recent house sales and find you bought for £52K six months before !!!!
    Now unless you have added space ie extension or loft conversion he will not value the property at £18K more
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