The majority of lenders require you to have owned a property for 6 months before they will accept a remortgage application. The length of ownership is normally verified by searching the land registry. However, where the ownership is not showing on the Land Registry website the acting solicitor can confirm the purchase, date and price.
However, there are many circumstances in which this isn’t suitable and you need to remortgage your property much sooner. This is known as a day 1 remortgage and there a number of reasons why a day one mortgage may be required:
- You may have realised you need more money to carry out improvements or repairs and therefore need to remortgage straight away.
- You may have borrowed money from friends or family to buy the property for cash at auction, or to beat the competition and need to repay them.
- You may have carried out that has increased the value of a property and you want to release some equity.
Whatever the reason, there are a limited number of lenders that accept day one remortgages. However, they are slowly becoming more available.
What Day 1 Remortgages are Available?
The choice of lenders who accept Day 1 remortgages has increased with Kent Reliance entering the marketplace.
|Lender||Residential||BTL – Personal||BTL – SPV/Ltd Co.||LTV|
|Virgin||Yes||Yes||No||90% Lend against purchase price|
|Fleet||No||Yes||Yes||75% Lend against improved value|
|Kent Reliance||Yes||Yes||Yes||75% Lend against improved value|
|Paragon||No||Yes||Yes||75% Lend against improved value|
|Landbay||No||Yes||Yes||80% Lend against purchase price|
|Axis||No||Yes||Yes||75% Lend against improved value|
All lenders expect that works that have been carried out can be evidenced to the lender against increased value.
Why Use Neil Soundy Financial Services For Your Mortgage Advice?
- We are experts in SPV / Ltd Co lending.
- Your initial consultation is free with no obligation
How Much Will It Cost Me For Your Advice?
A fee of £495 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
The Financial Conduct Authority does not regulate some forms of buy-to-lets.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.
Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.