Previously customers who had bought a property with their own funds or through another lender, would have needed to wait until they had owned their property for six months before they were able to remortgage with the Bank.
The move will primarily benefit those customers who for example had to buy a property within a limited timescale or via short term lending, such as through an auction.
Adrian Moloney, Sales Director at OneSavings Bank comments:
“We are constantly looking at ways to strengthen our mortgage product offering in a way that provides our brokers and their clients with the best possible choice, by introducing this option, those cash buyers previously unable to access a mortgage will now be able to do so easily and quickly, freeing up capital to make necessary changes or renovations – or invest their money elsewhere.”
