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how to get a mortgage on this - your creative minds required please

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  • how to get a mortgage on this - your creative minds required please

    Hello all, I have had a look around the forum but could not find any past posts on this.

    Your opinions/advice/guidance would be appreciated. Summary as follows:

    -Buy to let mortgage required
    - Property value= 174k rent = 1250 pcm LTV required = 85%
    - 3 bed massionate annex above commercial grocery store
    - 80 yr lease (+/- 2yrs)
    - Rear entrance with steel staircase
    - Property does have two kitchens as it has been split into a 1bed flat unit downstairs and a 2 bed flat upstairs
    - Shops next to the grocery store below are a bank and grocery store. Closest restaurants are the 4th and 5th shop on each side.


    *Would a Lender lend on this if 1 kitchen is removed & property is made to look like 1 unit ?

    *Any other creative way to make a lender lend on this? (apprently steel stairscasing is a big no! :-s) ?

    *Can you share any experiences if you have every done a similar deal?

    Thank you

  • #2
    Are lenders taking 85% LTV these days??


    • #3
      Hi Brian,

      A few lenders still lend at 85%. I can secure rates from 5.89% with 125% rental coverage.

      Kind Regards