If I buy with cash, when will I be able remortgage?

Posted on 2 January 2014 by Nik

If I buy with cash, when will I be able remortgage?

i can I have seen a house which I would like to purchase, but the seller wants a quick sell. My parents are willing to lend me the money to pay cash (£430K) for the property, but I need to know when I'd be able to  remortage to pay them back. I would want to remortgage for £300k.


Thank you for your enquiry. Typically with most lenders, you'd have to wait a minimum of 6 months from the date the property is registered in Land Registry, before you could remortgage to repay your parents. Assuming the process takes no longer 2 months, your parents should be able to receive their money back in 8 months. There are those who who will look at what is known as a 'Day One' remortgage, but this would limit your choice in the market.

Also it is well to be aware that re-financing a property will also depend on the property type (newly built may have restrictions on loan to value), purpose (main residence or investment) as well as your personal and financial circumstances. I would also reccomend getting a survey done to make sure the property is a suitable security.

If you like to know more, then please let me know, and I'll arrange for one of our consultants to contact you.




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