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6 month Rule Virgin Money
borich
Posts: 79 Forumite
I own a property which has just been registered at land registry with no mortgage and want to raise captial through a buy to let and Virgin money have just confirmed that they will release up to 50% (not 75%) value through a buy to let mortgage in the first 6 months. After 6 months I can apply for up to 75%
I thought I had to wait 6 months before I could get a re-mortgage?
I thought I had to wait 6 months before I could get a re-mortgage?
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Comments
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Virgin has just confirmed you don't!0
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Depending on other circumstances there are also lenders who will go to normal lending levels within the 6 months.
All depends on what you actually want to do - and your overall circumstances.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I really thought they were strict and I had to wait 6 months. As I require less than 50% value I can crack on0
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That's a lender rule rather than general property rule, there are a few lenders I can think of that don't have the 6-month rule.I am a mortgage adviser.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.0
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It varies from lender to lender.
I have just sat with someone who will do it from day 1. Most lenders say 6 months but its not a law so lenders can choose to do what they like within their attitude to risk.I am a Mortgage AdviserYou 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.0 -
Can anyone list any lenders besides virgin money which don't have an issue with the 6 month rule?0
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