Mortgage on house seller recently bought

elder1

Hi All,


I was wondering if anyone could clarify something for me. I was looking at putting an offer in on a older property, but found out today that the vendor only bought the house two months ago, and then immediately put it up for sale. I've heard stories that most banks won't give mortgages on a property unless the vendor has had the property for at least 6 months.....can anyone confirm this?


As if this is the case, then I would have to wait another four months before I could put an offer in on the property if it is still for sale at the point. Nervous times for us first time buyers.


Thanks.

simpywimpy

He can sell it, if he paid cash he wouldnt be able to remortgage it for 6 months himself but it shouldnt affect you buying

ACG

It is correct.

Thre is the odd lenders who would allow you to do it, but very few and far between.

You could also potentially secure a bridging loan against it and then remortgage it in 4 months - but these can be quite expensive so its worth taking that into account then making an offer.

Alternatively, getting a mortgage is difficult if its been bought in the previous 6 months. If you cant get a mortgage others will struggle too.

Thrugelmir

What's the reason behind purchase and sale so quickly?

elder1

Thanks for the reply's. I'm assuming the person bought it at auction, but am awaiting a response from the Estate Agents in regards to the reason. It does need a bit of work...new kitchen....redecorate, etc. It appears they purchased it on 26th March 2014, and was then listed on 4th April 2014 for sale.


Obviously if I'm not able to get a mortgage on the property due to the vendor only having it a few months, then I will just have to wait and see what else the market has....there seem to be so few houses coming on the market now. A few months back there seemed to be quite a few, but most of the affordable ones seem to have been pulled by the vendors, and let out instead of selling.


"Alternatively, getting a mortgage is difficult if its been bought in the previous 6 months. If you cant get a mortgage others will struggle too."


Very good point!:)


Thanks