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mortgage application after cash purchase
simpson_77
Posts: 118 Forumite
Hi,
I'm due to complete next week on a cash purchase of a property through auction that has a tenant. The plan is to mortgage the property ASAP and use the cash to purchase another property.
I understand most lenders want the property to be owned for 6 months before they will offer a mortgage. Does anyone know if there are any exceptions to this?
Thanks,
I'm due to complete next week on a cash purchase of a property through auction that has a tenant. The plan is to mortgage the property ASAP and use the cash to purchase another property.
I understand most lenders want the property to be owned for 6 months before they will offer a mortgage. Does anyone know if there are any exceptions to this?
Thanks,
0
Comments
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Yes. There are lenders who will do a day one remortgage. Chances are the auction purchase price will be taken as valuation so if you get it cheap it will impact the mortgage.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.1
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What are the tenant' rights?
Lenders are looking for an AST usually no longer than a year or two.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.1 -
currently on a rolling monthly - but been assured they want to stay.kingstreet said:What are the tenant' rights?
Lenders are looking for an AST usually no longer than a year or two.0 -
would these be high street lenders or do you pay a higher rate for the convenience?kingstreet said:Yes. There are lenders who will do a day one remortgage. Chances are the auction purchase price will be taken as valuation so if you get it cheap it will impact the mortgage.0 -
BTL is mostly conducted by off-high street lenders via intermediaries.
A decent broker will establish the right lender and provide you with illustrates for the most appropriate products.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.1
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