Remortgaging within 6 months of a proeprty purchase

[Sarah_W]

I've just spoken to a mortgage adviser and am trying to mortgage a prperty I currently own without finance and he'sadvised me thatbecause I boughtit 5 months ago I can't mortgage it until the 6 month mark due to money laundering regulations.

This sounds ridiculous - is he right?

[Grumpy old git]

I think they're half right. Standing instructions are to report to the lender when people have owned the property for less than 6 months. It doesn't mean they won't lend but they have to carry out due diligence.

I don't see a problem anyway, if you've owned it for 5 months, it will take a few weeks to sort out the mortgage and you can complete once the 6 months is up, therefore no requirement to report it to the lender.

Edited by Grumpy old git on Monday 23 November 18:39