Residential policy
Purchase
Also known as a sub-sale, we allow a purchase where the seller has not yet owned the property for 6 months.
We will use the lower of the original purchase price (estate valuation if inherited) and the current valuation, unless the seller has significantly improved the property increasing its value, then we can use the current valuation (or new purchase price if lower). The new ownership must be registered at Land Registry.
For new builds the valuer will need to see the original Disclosure of Incentives Form.
Remortgage
Also known as a day one remortgage, we allow a remortgage within 6 months of purchasing or inheriting a property.
Within the first 6 months we will use the lower of the original purchase price (estate valuation if inherited) and the current valuation, unless the customer has significantly improved the property increasing its value, then we can use the current valuation. The new ownership must be registered at Land Registry.
Where a property has been gifted, we will not allow a remortgage within the first 6 months of ownership.
Contact us before applying
You need to let us know if a case is a back to back transaction before applying.