New Products Launched To Resolve 6 Month Remortgage Issue - 01/06/10
The six month remortgage issue is a policy which has been put in place by many mortgage lenders stipulating that a property should be owned for a period of six months before they are prepared to consider a remortgage.
In the past, auction buyers could purchase a property with a bridging loan and then exit and remortgage within a few weeks. The six month remortgage issue has stopped this.
This has clipped the wings of investors across the UK who wish to take advantage of bargain properties at auction with a short term bridging loan and then remortgage the property with a longer term solution.
The new products from Auction Finance Limited include a six month remortgage bridge and a three month remortgage bridge together with its current flexible bridge. These products assist investors who can now take a remortgage bridge and then move onto a traditional bank/building society mortgage after six months.
Chris Baguley, Director at Auction Finance Limited, says:
An Auction Finance Limited loan can enable a property to be purchased quickly and development or essential repairs made to the property before it is remortgaged.
The new suite of products from Auction Finance Limited offer free valuations, no lenders legal fees and no exit fees.
