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Old 09-07-2011, 03:02 PM
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Join Date: Jul 2011
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Default Sub sale mortgage restrictions
Hi

I have just purchased an investment property and I plan to do some small renovations and then resell it ASAP.

Since purchasing the house I have become aware of sub sale restrictions whereby banks will not lend on a property resold within 6 months of purchase.

Clearly this puts a spanner in the works for me selling this property if a buyer wants to get a mortgage on it.

Does anyone know is this always the case that banks won't lend until I own the house for 6 months and if so is there any way to structure a sales contact to get around the restriction.

Many thanks
John
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Old 24-07-2011, 01:12 PM
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Join Date: Apr 2006
Posts: 1,181
Default Re: Sub sale mortgage restrictions
It's a fairly typical restriction on a mortgage, though some lenders can be more flexible than others, and time scales can vary.
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