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What is an 'Early remortgage' product
Many lenders only accept re-mortgage applications where the applicant’s existing mortgage has been running for at least six months. This restriction can prove a disadvantage for certain buy to let borrowers, so some lenders including Foundation now permit re-mortgaging within six months of initial purchase.
Our early re-mortgaging criteria is designed to enable landlords to refinance short-term borrowing on a standard buy to let basis and will benefit landlords who have taken short-term finance to purchase and develop (or renovate) a property for letting. In particular we will allow early remortgaging against the new, higher value of the property.
At Foundation, our innovative Green products allow early re-mortgaging (see the current product guide for details), and there is also a separate F1 'Early Re-mortgage' product available.
Our early re-mortgage criteria:
- no minimum time in ownership
- applications where the initial purchase was in cash are not acceptable
- lending can be based on the current property valuation (not initial purchase price) where significant improvements have been made since initial purchase and work can be evidenced
- properties must either be registered at the Land Registry, or proof of submission available
You can use [CTRL F] to search 'early’ on our latest criteria guide here, or speak to your Foundation Regional Account Manager about any specialist mortgage questions.
FOR INTERMEDIARIES ONLY
