Do we have to own the property for 6 months before we raise a mortgage on it ?
Posted on 24 March 2013 by Mrs S Malcolm
We have been gifted a house by Father in Law and have sold our own home. We are all living together in the gifted property and want to raise a mortgage against the property to renovate and extend. When I rang mortgage company they told me we would not be able to raise a mortgage against the gifted property until we had owned it for 6 months. Is this true for all mortgage companies? Thank you
It is true that most lenders do follow the 6 months ownership rule as this is an FSA guidline, however there a are a few that are okay with this.
If the 6 months is almost up, then I would probably suggest hanging on, as it will mean you potentially have access to a lot more lenders.
If you'd like to talk through your options in more detail, then please let me know and I'll sort out a convenient time for you to talk to one of our consultants.
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