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Buying a house where seller has owned it for 2-months.
dboswell
Posts: 309 Forumite
We viewed our ideal property on Saturday, but were told that the seller has owned the property for about 2-months.
We do need a mortgage to buy it. Is there generally, a minimum ownership period that is acceptable to lenders?
We have been told 3-months and someone else said 6-months.
We do need a mortgage to buy it. Is there generally, a minimum ownership period that is acceptable to lenders?
We have been told 3-months and someone else said 6-months.
0
Comments
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6 months generally.
Do you know any more about the scenario? There are some exceptions to the rule if it's e.g. a recognised part-exchange scheme.0 -
Not part exchanged. Owner is relocating for a new job.
Is the 6-months completion to completion or 6-months before mortgage offer?0 -
Think that depends on the lender. The standard CML mortgage handbook instructions to solicitors just say report if owned for less than six months (which might therefore mean six months to the date solicitor is requesting the funds i.e. completion rather than date of mortgage offer).Not part exchanged. Owner is relocating for a new job.
Is the 6-months completion to completion or 6-months before mortgage offer?0 -
Some lenders don't have the rule.
You should have a reasonable number of lenders available to you regardless.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Not to sound too cynical and miserable, but...
I would do more checking on the property than normal in case "job relocation" isn't the real reason. I'd probably opt for a more detailed survey than I otherwise would, plus would be visiting the street at different times of day and on different days to try to check for neighbour noise.
May well be a legitimate change in circumstances - it happens - but don't trust blindly what the seller or EA tell you.0 -
I think I would want to be very sure that they actually owned it and were not trying to sell a rental that they didn't own.0
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