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Sub sale rules
Legacy_user
Posts: 0 Newbie
Evening chaps and chapesses,
Regarding the 6 month ownership sub sale rule:
Owner bought with cash, now selling to buyer with cash = fine.
Owner bought with mortgage, now selling to buyer with mortgage = not fine.
Owner bought with mortgage, now selling to buyer with cash = fine.
Owner bought with cash, now selling to buyer with mortgage = ????
By “not fine” I mean that the pool of lenders is reduced.
Think I know the answer but can anyone please confirm what is correct here and correct anything I may have got wrong?
Also, are there still plenty of lenders who don’t apply the rule?
Thanks in advance.
Regarding the 6 month ownership sub sale rule:
Owner bought with cash, now selling to buyer with cash = fine.
Owner bought with mortgage, now selling to buyer with mortgage = not fine.
Owner bought with mortgage, now selling to buyer with cash = fine.
Owner bought with cash, now selling to buyer with mortgage = ????
By “not fine” I mean that the pool of lenders is reduced.
Think I know the answer but can anyone please confirm what is correct here and correct anything I may have got wrong?
Also, are there still plenty of lenders who don’t apply the rule?
Thanks in advance.
0
Comments
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How the current owner bought the property is irrelevant - the only issue is getting a mortgage on a property that's been owned less than 6 months.0
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Here are comments by mortgage lenders relating to properties where sellers have owned them for less than 6 months:
https://www.cml.org.uk/lenders-handbook/englandandwales/question-list/1813/
(As Slithery says, whether the seller bought with/without a mortgage is not relevant.)0
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