Remortgaging once complete - 6 month wait?

[Roz]

We're financing our build through 'gifts' from family that we intend to pay back by remortgaging once the place is mortgageable. One broker we spoke to originally mentioned that usually a bank would want you to have owned the property for 6 months before remortgaging. We have already owned the land this long, but the mortgage broker then mentioned that they might want the property to have been 'registered' as a dwelling for 6 months. Anyone come up against this? Or not, with remortgaging.

[newhome]

I haven't done it but the remortgage rule is fairly common (although there are lenders that will allow it within 6 months). It's generally based on how long you have been the owner of the property and I thought that was based on when you were the registered owner at the land registry, so when you bought the land, but I'm not expert so your broker may be right. Do they even ask to see the completion certificate? I can't see anything else that registers it as a dwelling? Most will want a structural warranty available I believe. 

 

Have a look at the lender rules here:

 

https://www.cml.org.uk/lenders-handbook/englandandwales/question-list/1813/

 

 

[Roz]

17 hours ago, newhome said:

I haven't done it but the remortgage rule is fairly common (although there are lenders that will allow it within 6 months). It's generally based on how long you have been the owner of the property and I thought that was based on when you were the registered owner at the land registry, so when you bought the land, but I'm not expert so your broker may be right. Do they even ask to see the completion certificate? I can't see anything else that registers it as a dwelling? Most will want a structural warranty available I believe. 

 

Have a look at the lender rules here:

 

https://www.cml.org.uk/lenders-handbook/englandandwales/question-list/1813/

 

 

This is what I was wondering - how would they know when it became a dwelling. We put in for a name change for our barn with the council which was accepted, but it's still got it's 'land' name on the land registry - plus there are two entries for it. I tried to see whether there was any information that says it's a dwelling or land but couldn't get any more info. 

 

I think they just suggested it as a possibility, but I can't seem to find out whether it's the case or not 

 

We're planning to get a Professional consultant's Certificate instead of warranty but yes, hopefully that will be sufficient for most lenders. 

[albert]

On 14/01/2019 at 16:50, Roz said:

We're financing our build through 'gifts' from family that we intend to pay back by remortgaging once the place is mortgageable.

Hi Roz 

have you found a lender that will do this ? as I am having problems  with lenders refusing to  remortgaging on completion to pay back private or business debt or loan . I would be interested to know if your lender will do this.

 

[Roz]

20 hours ago, albert said:

Hi Roz 

have you found a lender that will do this ? as I am having problems  with lenders refusing to  remortgaging on completion to pay back private or business debt or loan . I would be interested to know if your lender will do this.

 

Hi Albert, 

 

We're about to give some information through a broker but this hasn't been brought up on this round. What issue are they raising when you are looking for a lender? I would be interested to know.

[albert]

hi Roz see my post"building with own funds" in self build funding