Remortgage within 6 months

Updated 23rd September 2020

If you have recently purchased a property and need to remortgage within 6 months of purchase, you may be thinking what the best way is to do this. The situations where this might happen are.

  • Purchased property below market value
  • Property purchase at auction and now been renovated and increased the value
  • Property purchased with cash
  • Change in personal circumstances
  • Inherited properties

The new mortgage would be based on the current value of the property rather than the original purchase price, meaning that more equity can potentially be released from the property.

Can I remortgage within 6 months of property purchase?

Yes, it’s possible. There are a small number of lenders who will allow you to remortgage within 6 months of purchase. However, most lenders will not refinance a property until it has been legally owned for at least 6 months. Your mortgage expert will be able to advise and give you the most up to date information.

Your property will need to be registered at Land Registry, you can check this by clicking here.

Can I remortgage whilst in a fixed rate?

You can remortgage within a fixed rate period, but the chances are you will incur some sort of early repayment charge. Depending on your current deal and the new deal available your mortgage expert would need to ensure that it’s the best options to do so. There are some products on the market which come with a fixed rate but have no early repayment charges, these deals will have a lender arrangement fees attached to the loan. If you are thinking that you will need to remortgage within 12 months of a property purchase, then speak to us and we can advise on the most appropriate deal and keep any added costs to a minimum.

Getting a buy to let remortgage within 6 months

It’s possible but can be difficulty to arrange without the help of a mortgage broker. These products are more complicated and expert advice is always recommended.

For property developers, getting a buy to let remortgage within 6 months can be more difficult than it is for a normal homeowner. Some lenders won’t lend to property developers looking to remortgage a buy to let within 6 months of purchase. There are other options such as bridge loans available for this type of customer.

Whatever the situation, our experts are on hand to advise you on the best course of action.

Remortgage tips

  • Keep any evidence of completed work such as invoices etc.
  • Maintain payments on all current credit commitments
  • Give yourself plenty of time to get the remortgage lined up – 3 months before your product ends is the minimum but ideally up to 6 months beforehand
  • Make sure you’re on the voters roll at your current address

Whatever you’re trying to achieve, speaking to an expert is always the best option, and our advisors will look at all the options available to you, which can include.

  • Remortgage to a new lender
  • Product transfer with the same lender
  • Further advance with the same lender
  • Secured loan

Speak to a remortgage advisor.

There are many lenders available ranging from high street to specialist lenders. Most people go to their own bank, get declined or can’t borrow what they need – just because one lender has declined you, don’t give up.

Our mortgage experts will look at each case before deciding which lender is right for you and your individual circumstances. All the mortgage brokers we work with are whole of market and offer unbiased advice. They will have access to all the specialist lenders to really enhance your chances of achieving the mortgage you need.

The expert brokers we work with have experience in dealing with all aspects of remortgages and importantly using the whole of the market to access the very best deals available.

To find out how we can help call us on 0300 124 5655 or complete our quick enquiry form to speak to a mortgage expert.

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