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Sub sale mortgage restrictions

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  • 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

  • #2
    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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