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Answered on 8 August 2019 by Nick Morrey
I recently bought a property but need to remortgage ASAP. Am I able to do this?
There are options that’ll allow you to remortgage a property shortly after purchasing it, but what works best for you will depend on your situation and how the property first came into your possession.
You may want to remortgage shortly after buying a property if you:
You may also want to remortgage if you recently inherited or were given a property.
Most lenders will only let you remortgage 6 months after your name is registered on the title deeds.
But there are some options if you need to remortgage before then.
As a whole of market mortgage broker, we have access to a range of lenders that’ll consider a remortgage within 6 months of purchase. Many of these will require that you’re registered as the owner at Land Registry – but there are some that are happy to proceed before you’re even on the title deeds.
It can take months after you’ve purchased a property for Land Registry to add you to the title deeds so they often backdate them, recording you as the owner of the property from the date of completion, i.e. the day the purchase completes.
See our guide: How to Remortgage Your House for more information on how remortgages work.
You’d still typically have to wait a minimum of 6 months from the date your name is registered as the owner on the title deeds before you could remortgage, regardless of whether you purchased the property with a mortgage or cash.
However, it’s simpler to remortgage a property you bought with cash than one you purchased with a mortgage as there’s no initial mortgage to replace.
A day one remortgage isn’t a mortgage product; it’s a phrase used to describe a scenario where someone wants to remortgage within the first 6 months of ownership. You can apply for a day one remortgage literally on or after completion.
It’s best to use an independent broker like John Charcol if you need a day one remortgage, as it’s a particularly niche requirement that’s not easy to research online and they’re only available from a limited number of lenders. Our team have access to a pool of specialist lenders with the best day one remortgage deals.
Your ability to refinance a property will depend on:
Your personal and financial circumstances – i.e. your affordability. This is the term lenders use when assessing how much you can afford to make in monthly mortgage payments
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.