how long after a new purchase can you remortgage?
melj16
Forumite 158 Posts
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.
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.
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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