Lenders you can remortgage with, within 6 months of owning the property

nyck

My daughter , First time buyer won a house at Auction .

We have lent her some the money so requires to eventually get a mortgage to pay us back.

We've read most lenders require you to of owned the property for 6 months plus before they will lend??

Ive read Santander will lend before the 6 months but not confirmed this . Are there any other lenders that will allow you to have a mortgage before 6 months ??

She's only looking to remortgage at the purchase price  and with a LTV of around 40-50% .

Are the interest rates much different to normal high street bank mortgage deal ?? 

thanks   

amnblog

Santander do state in their criteria that they will take a Day 1 re-mortgage (as we Brokers know it).

Other larger Lenders which, in principle, take Day 1 re-mortgages include - Barclays, Coventry BS, Nationwide (there are a number of smaller lenders).

You need to be careful as some Lenders will say they are amenable to Day 1 re-mortgage but they only allow this for inherited property. Others will allow it only if your daughter is resident in the property.

A Lender will often want the property registered in your daughters name with the Land Registry before a re-mortgage and this can prove problematic given the time it is currently taking for many transactions to be logged.

I am not convinced that many Brokers would look at Santander as first choice on an auction property. You may do well to get a Broker involved before the auction.

Rates are unaffected by this scenario.

user1977

Also this assumes the property is otherwise mortgageable (and the reason it was put into auction isn't because of some underlying problem with title / marketability etc).

kingstreet

amnblog said:

Santander do state in their criteria that they will take a Day 1 re-mortgage (as we Brokers know it).

Other larger Lenders which, in principle, take Day 1 re-mortgages include - Barclays, Coventry BS, Nationwide (there are a number of smaller lenders).

You need to be careful as some Lenders will say they are amenable to Day 1 re-mortgage but they only allow this for inherited property. Others will allow it only if your daughter is resident in the property.

A Lender will often want the property registered in your daughters name with the Land Registry before a re-mortgage and this can prove problematic given the time it is currently taking for many transactions to be logged.

I am not convinced that many Brokers would look at Santander as first choice on an auction property. You may do well to get a Broker involved before the auction.

Rates are unaffected by this scenario.

This. If the transfer isn't expedited by Land Registry, the remortgage will grind to a halt. We had one recently where the transfer hadn't been done following the death of the sole proprietor and it took six weeks before the remortgage conveyancing could continue.