Remortgage available

I

ironsides

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I bought a house for cash in November as it was a great price for a quality house and was cheaper than building on a new site.
I had about 60% of the purchase price on hand, but had to borrow some money from my parents to complete the sale quickly...
I now want to get a mortgage on the house to pay off my parents...I am full time employee and would qualify for large mortgage for new house by all criteria - and this mortgage would be well below 50% LTV....however - are the criteria the same for a remortgage? do the banks look on the application the same as mortgage for new sale? thanks,
 
Re-mortgages aren't as readily available these days as they once were, but some lenders still offer them. It's possible to get up to 80% of the property value.

Affordability criteria are the same for a re-mortgage as a purchase mortgage.

Liam D. Ferguson
 
Thanks Liam - I did have about 30k set aside at time of purchase to finish off house..but now those savings are sunk into house...will that affect remortgage application?
I can show that the savings went into house..
I am paying parents using standing order of 1300 per month to prove payment capacity and repay some lost interest to them...
Is that sufficient for mortgage application? .
 
In the current lending climate, it's impossible to say to anyone in advance that mortgage approval is a certainty, until the application has actually been approved. But in your case, I'd root out as much history on the savings (including their build-up) as you can. The facts that you've shared here on the board sound positive.
 
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