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BM Solutions providing buy-to-let mortgages on inherited properties without six month ownership rule
BM Solutions, the specialist buy-to-let lender of Lloyds Banking Group, is the largest buy-to-let lender providing mortgages against inherited properties.
To qualify for a mortgage, the inherited property can be in the name of the estate or already transferred, although probate must be granted, and the applicant must be named as a beneficiary. Most lenders have a six-month ownership rule, although, through BM Solutions, this is waived from inherited properties.
Will other mortgage lenders allow capital raising against inherited properties?
A selection of mortgage lenders will allow capital raising, although many lenders have different acceptance policies. Also, the rates and amount of money they will lend vary.
- BM Solutions: The can lend up to 75% loan-to-value for any reason apart from injection of capital into the business, business start-up, purchase of a timeshare or gambling. Applicants must own another UK property to qualify for an inherited buy-to-let mortgage.
- Kensington for Intermediaries: Where the applicant has recently inherited a property, the application can only be considered when probate has been finalised, and all the beneficiaries are shown as property owners at the Land Registry for at least 6 months.
- NatWest for Intermediaries: Probate will allow the appointed representatives to distribute an estate to the relevant beneficiaries.
-A purchase application where the property has not yet been transferred into the beneficiary’s name (but will be following completion of the mortgage) meaning Land Registry will not have been updated to show the beneficiary as the legal owner. The bank can treat the equity that is to be inherited as the clients own deposit in the same way we do for concessionary purchases.
-A Remortgage application where the property has been transferred to the beneficiary and the Land Registry has been updated to show the beneficiary as the legal owner. This is still acceptable under NatWest's Back to Back / Day 1 Remortgage criteria.
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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