Published 6 July 2016 · Last reviewed 27 April 2021 · Older article — see current rates
Buy to Let Remortgage within 6 even if you have bought in cash or bridging finance.
This article discusses raising money on a let property that was originally bought in cash. You would think getting a Buy to Let Remortgage within 6 months if you own a property then releasing equity should be straightforward and it could be but things get tricky if the ownership period is short.
Buy to Let Remortgage Lenders generally like to be in control of the full facts. Transactions within a short space of time such as purchase then remortgage gets their investigative minds working. Some Lenders (particularly building societies) take the stance that they will not lend to ‘property developers’ so if you fall into this category you should bear this in mind.
What is the Buy to Let Remortgage within 6 months rule
Most Buy to Let Lenders have a minimum ownership rule of 6 months before a remortgage can take place and will then work off the then value.
How we can help
The good news is we have access to eight Lenders with a shorter period and these generally will work off the initial purchase price irrespective of whether you have had work carried out since it has been bought. Of course, there are always exceptions to these rules but we would need to talk these through with you. Please be advised that nearly all of these Lenders are ‘broker only’ products due to the nature of their complexity.
The maximum amount that can be borrowed as 85%. So if the property is worth £100,000 then £85,000 can be raised provided the rental cover is sufficient but in most cases for buy to lets its more likely to fall within the 65% to 75% figure.