6 month rule

lorrainec88

Hi
Can someone please advise - I have come across the rule regarding the seller having to own a property for 6 months (at least) before a buyer can get a mortgage on the property.

Is this a hard and fast rule, or are there lenders who will, or will under certain circumstances (other than inheritance) with an explanation(This is a refurbishment)

Any help gratefully received.

ACG

There are some lenders yes. I cant think of any off the top of my head though.

Personally i think you could spend a lot of time on this speaking to lenders, or you could engage a broker and let them do the leg work for you... It should be possible though.

lorrainec88

ACG wrote: »

There are some lenders yes. I cant think of any off the top of my head though.

Personally i think you could spend a lot of time on this speaking to lenders, or you could engage a broker and let them do the leg work for you... It should be possible though.

Well we have engaged a broker - who is telling me we wont get one, so I thought I would ask. If anyone has any ideas of likely lenders I would love to know.

Senior_Paper_Monitor

Depending on the overall circumstances shouldn't be a problem - a fair spattering of lenders who will do this

ACG

Tell your broker hes bobbins and needs to pull his finger out, is it an estate agent broker you have seen?
Best to see a whole of market broker who doesnt work with an estate agent.

Part of the problem we have on this forum is that we (as advisors) cant be seen to be advising you or leading you to a lender. Which is why a lot of our answers is to speak to a broker - and if we say that it usually means there will be lenders who will do it with a bit of work by the broker.

lorrainec88

ACG wrote: »

Tell your broker hes bobbins and needs to pull his finger out, is it an estate agent broker you have seen?
Best to see a whole of market broker who doesnt work with an estate agent.

Part of the problem we have on this forum is that we (as advisors) cant be seen to be advising you or leading you to a lender. Which is why a lot of our answers is to speak to a broker - and if we say that it usually means there will be lenders who will do it with a bit of work by the broker.

It's actually a whole of market broker - who was recommended by our solicitor and estate agent.

I assumed that maybe each case would be viewed on its individual circumstances but he is telling me its an outright no.

So - maybe I need to speak to another broker??

ACG

It can be done without doubt. There could be other things combined with that stopping you? But as a rule this alone isnt enough to stop you getting a mortgage.

lorrainec88

Not aware of any other combined reason as was a flat
Outright no.
Thank you- that's enough to know that it's worth persevering and the deal may not be off yet!

Thrugelmir

lorrainec88 wrote: »

Is this a hard and fast rule, or are there lenders who will, or will under certain circumstances (other than inheritance) with an explanation(This is a refurbishment)

How much has the property increased in value?

lorrainec88

Thrugelmir wrote: »

How much has the property increased in value?

Quite a lot, but basically it was just short of being demolished so they have had to renovate completely top to bottom. They paid market value for it, but we are paying about 2.5 times what they paid.we had a valuation which was fine, but then found out the length of time it has been owned.

Senior_Paper_Monitor

Its now a new build - brings a few restrictions in. What LTV ?

Is there any sign of a back to back sale being involved (contrived same day transaction usually for tax avoidance) ? Seems unlikely as it appears that this is being turned down at survey rather than conveyance level.

I still reckon its doable without breaking too much sweat.