I keep hearing about the 6-month rule – technically it’s not a rule as lenders view it very differently. Some enforce it almost to the minute whilst others are more comfortable.I keep hearing about the 6-month rule – technically it’s not a rule as lenders view it very differently. Some enforce it almost to the minute whilst others are more comfortable.
It’s not just your ownership but the sellers as well so always ask how long they have owned it.
There are several competitive BTL lenders who will accept an application within 6 months. Reasons to remortgage early include:
• Repay a more expensive short-term/bridging loan
• Release your cash earlier to buy your next property
• Improve your interest rate
• Obtain a mortgage on the increased value if you have refurbished it
Searchlight Finance Limited is registered in England and Wales No.07929050
Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance.
ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.