Raise a Mortgage after six months

Posted on 24 March 2017 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

Hi Mrs Malcolm,

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.

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.


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