Submitted on Wednesday 23rd April 2008
No more Day 1 BMVs from MX
Mortgage Express have removed their capability to offer day one remortgages in the Buy to Let sector. This will challenge the creativity of investors in the BMV sector.
Like most lenders they will now make you wait until six months after purchase before allowing a remortgage. Many people in the B2L sector had been buying property below market value(BMV) with closed bridging finance and flipping it into a prearranged remortgage deal with Mortgage Express the same day.
Stirling Partners have created special software for investors in this sector so we are hoping a competitive lender will fill the gap although we do have a few commercial lenders who will help.
