Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

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

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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.


    So:

    *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??

    Comment


    • #3
      Hi Brian,

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

      Kind Regards

      Comment

      Working...
      X