Will bank let me sell a property 3 months after I brought with mortgage

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    Will bank let me sell a property 3 months after I brought with mortgage

    Will bank let me sell a property 3 months after I brought with mortgage?

    Is there any rule how fast I can sell it?

    #2
    found this for you -
    https://forums.moneysavingexpert.com....php?t=5610530

    Comment


      #3
      There are no restrictions to the timing of effecting a redemption apart from possibly incurring Early Redemption penalties, the only potential downside is if you make a new purchase application when the lender might consider you are “dealing in property” and block the application.
      i have a relative who managed to do this once and tried again only to be told that they wanted their mortgage monies repaid and banned her from borrowing from any of the other parts of the banking group.
      Trying to be clever and working against lenders carries potential issues.

      Comment


        #4
        loanarranger,

        Wow interesting. But if you make £50K profit on the first one then you can afford the large deposits for the correct finance for property developers. Will have to use a bank first time round that I know I wont need again.

        Or well there are 5 - 10 high street banks so you got 5 - 10 times before you get banned by all of them.

        If you dont make a million within 5 - 10 projects then property developing and business aint for you.

        Can start hotels after.....

        Can start many very big business's after.... that dont require high street bank funding.

        A true entrepreneur jumps over every single hurdle.

        Comment


          #5
          If only life and financial matters were so simple, believe me banks & building societies are not fools and there is a question of answering the questions on a mortgage application truthfully, anything less is fraud and procuring Finance by deception..

          Comment


            #6
            OP, it may well be more appropriate for you to use bridging finance for what you want to do. It may, however, be more expensive (although perhaps not if the long-term mortgage you'd use has an ERC).

            Originally posted by loanarranger View Post
            If only life and financial matters were so simple, believe me banks & building societies are not fools and there is a question of answering the questions on a mortgage application truthfully, anything less is fraud and procuring Finance by deception..
            Presumably other banks would see a very short-lived mortgage on the applicant's credit record, and query it?

            Comment


              #7
              What are the terms for early repayment in your mortgage loan offer letter ? The rules to get out are in that letter.

              If you are paying mortgage interest at the standard variable rate , you should be able to pay off the mortgage loan any time .

              if you are paying a discount rate of interest fixed for 2- 5 years, you will be charged a penalty for early repayment of the loan.

              Comment


                #8
                You'd probably get away with it once.
                Because people do sometimes just change their mind having bought somewhere, so it won't be that unusual.
                So the fraud won't be visible.

                It might be spotted if you apply for other lending, subsequently.

                And it would be a mistake to think that lenders don't pool or share information.
                Google National Hunter System.
                When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                Comment


                  #9
                  If the OP is a homeowner having to pay the 3% stamp duty premium every time he flips and purchases will not be attractive unless he is actually buying at the lower end of the purchase spectrum.

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