Following on from last weeks news (that the ex-lender Advantage Homeloans are offering to write-off some of their loans to many of their clients if they redeem their mortgages with them), the picture is getting clearer each day.

In our office the biggest discount currently being offered to an investor so far (in monetary terms) is £87,500 – yes, that’s right they were given £87,500 to redeem their mortgage! The current pay rate on this particular deal is… wait for it… 0% – so no wonder the lender wants to get rid of them.

Even with this discount, it is still quite difficult to find a lender that we can actually remortgage to due to the current market conditions, namely property price falls and decreasing loan to value mortgage products.

Tip of the week

We still have access to a buy to let mortgage lender that will remortgage without the normal 6 months of ownership requirement.

As they will only lend on the original purchase price, it is only really suitable for the following:

1. You bought for cash and would like some funds out before the 6 month period.

2. You bought with expensive bridging and want to remortgage out quickly.

If you are looking to remortgage on the market value, then I’m afraid you will still have to wait 6 months.