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Day One Refinance

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Day One Refinance

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The Buy to Let Broker BTL Mortgage Specialist

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If you’ve just acquired a new property but need to remortgage quickly, many lenders require you to wait the traditional six to 12 months of ownership.  But it doesn’t always have to be that way…

What?

There are lenders who allow a Day One Refinance. These products “do exactly what it says on the tin”.  They offer a loan facility that allows you to refinance a property very soon after the property purchase.

This may sound simple enough but several mortgage lenders require you to have owned the property, whether it’s Residential or Buy to Let, for a minimum of six to 12 months. These restrictions were brought in by the Council of Mortgage Lenders (CML) back in 2008 in response to the financial crisis.

Day One Refinance allows you to mitigate this issue to release the cash you need when you need it most and could be the answer to your property prayers for many reasons. Here’s why…

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Why?

There are many different scenarios when waiting six months, just won’t cut it. For example:

  • If you have currently used all of your own cash reserves to buy a property, maybe this was at Auction, and you now need some of the finance back to start home improvements or refurbishment on a Buy to Let.
  • If you have recently inherited or been gifted a property that you would like to now release some capital from.
  • If in order to secure the property you borrowed funds from a family member or friend, you may want to repay them sooner rather than later and Day One Refinance could help you do just that.

If this sounds like something you might want to consider, here’s how:

How?

Securing Day One Refinance works much in the same way as a traditional mortgage and with our expert advice, it can be quick and easy. Our team are on-hand to answer any questions but to get you started, here are some of the important things to consider:

  • The easiest way to find out if you are eligible for Day One Refinance is by speaking to one of our specialists. We’ll check every deal out there to make sure you get the right one.
  • Loan to Value (LTV) will vary depending on the lender but typically you should be able to secure up to 75%, possibly more.
  • We work with every lender on the market including Kent Reliance, Paragon and Fleet . 
  • As Day One Refinance is only available through a limited number of mortgage lenders,  we strongly recommend that you use an independent broker, like us, to make sure you are getting the best deal.

If that has piqued your interest and you would like to know more, get in touch now on 08009499410 or via the contact form below.

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To get started, you can call us on  08009499410 or simply fill in your details below and one our friendly mortgage brokers will be in touch shortly to discuss all of your options for a Buy to Let Mortgage.

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    IMPORTANT INFO

    Rental income can impact your tax so we strongly recommend that you get in touch with a trusted tax advisor before committing to a Buy to Let property. The HMRC Revenue and Customs website is also a welcome source of info.

    Just like your home, your buy-to-let property may be repossessed if you do not keep up payments on your mortgage.