If you recently bought a buy-to-let (BTL) property with cash and were told you couldn’t remortgage until a year had passed, we’ve got exciting news. A major lender has updated its criteria—and you may now be able to remortgage immediately using the Open Market Value (OMV) instead of the purchase price.
This is a game-changer for landlords who want to unlock equity, refinance to a better rate, or fund their next property purchase sooner than previously possible.
What Changed?
Previously, most lenders required cash buyers to wait 12 months before remortgaging a BTL property. They also based the loan on the purchase price, which didn’t help if the property’s value had increased or if you’d added value through refurbishment.
The new criteria allows:
- Day-one remortgaging of cash-purchased BTL properties
- Lending based on the Open Market Value (OMV) assessed by a qualified surveyor
- No need to wait a year—perfect for landlords looking to recycle capital fast
This means if you bought a property for £200,000 cash but a surveyor values it at £230,000 today, you could potentially borrow against the £230,000 value immediately.
Who Benefits Most?
Cash buyers - Access equity right away instead of waiting 12 months
Refurbishment investors - Borrow against the enhanced value after improvements
Portfolio landlords - Free up capital to reinvest in new properties faster
Those chasing better rates - Switch from a high-rate cash position to a competitive BTL mortgage now
Next Steps?
Don’t let your cash sit idle. With this updated criteria, you could be remortgaging today and unlocking funds for your next investment.
📞 Call us for your free consultation or click to send a message—we’re here to help UK landlords make smarter moves, faster.
This article is for informational purposes only and does not constitute financial advice. Mortgage rates and criteria change regularly. Some lending is not regulated by the Financial Conduct Authority.
