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    • Matt86
    • By Matt86 13th Mar 18, 5:20 PM
    • 1Posts
    • 0Thanks
    CML 6 Months Rule and Reposession Properties
    • #1
    • 13th Mar 18, 5:20 PM
    CML 6 Months Rule and Reposession Properties 13th Mar 18 at 5:20 PM
    Hi All,

    First time poster - I'm hoping for a little advice.

    I have just purchased a property for cash and was hoping to port my mortgage from my previous property (which is the process of being sold). My lender is telling me that they will not allow me to port the mortgage because the property I have just purchased was a repossession and has therefore been 'owned' by the seller (the bank) for less than 6 months. Apparently there is a rule (the 6 month CML rule?) that says it is not possible to get a mortgage if the seller has owned the property for less than 6 months?

    This seems odd and surely would be a problem for anybody trying to get a mortgage on a repo, which must be fairly common.

    Before I just accept that I'm going to have to close my current mortgage (and pay the early repayment fees) and go throw the hassle and further cost of getting a new mortgage (apparently the 6 month rule doesn't apply to every lender!), I thought I would check if anybody on here had come across this problem and knows of a fix?

    Fingers crossed! Thanks in advance for any replies.

Page 1
    • davidmcn
    • By davidmcn 13th Mar 18, 5:36 PM
    • 7,652 Posts
    • 7,791 Thanks
    • #2
    • 13th Mar 18, 5:36 PM
    • #2
    • 13th Mar 18, 5:36 PM
    Possibly some misunderstanding - I think the point here is that you haven't owned the property for 6 months yet. I don't think the fact it was a repossession is relevant.

    It's a common problem for those buying with cash and hoping to quickly refinance.
    • kingstreet
    • By kingstreet 13th Mar 18, 5:47 PM
    • 33,367 Posts
    • 18,050 Thanks
    • #3
    • 13th Mar 18, 5:47 PM
    • #3
    • 13th Mar 18, 5:47 PM
    Most lenders won't port to a property you already own. The bulk want simultaneous sale to purchase.

    Did you check your lender's policy before you embarked on this?
    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.
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