Download Scenario; Purchasing a three apartment house for mixed use as a PDF
WHO’S THE CUSTOMER?
A professionally successful couple looking to purchase a home in London. Property is on one title and split into three apartments, and their wish is to keep it this way. Each of the apartments have their own address and council tax.
WHAT’S THEIR SITUATION?
They had found their ideal property, a unique opportunity to purchase an imposing and elegant end of terrace, freehold house, positioned within a respected conservation area.
The house was in a good decorative order throughout, with a private rear garden, far reaching views and an impressive roof terrace. They planned to let one apartment, live in the ground apartment and retain the third for use by friends and family. This would provide a healthy rental income per month.
The purchase price was just over £2m and the couple were looking to borrow £950,000, so it was a good LTV. They had a joint basic income of over £200,000, with no debts or dependents.
WHAT PROBLEMS EXIST?
Other lenders may hesitate due to the complex and unusual nature of the property and the building structure. They may not look favourably on the situation that each apartment has its own address and council tax.
HERE’S HOW WE COULD HELP…
We’d be able to account for the unusual nature of the building structure and be flexible to the customer’s financial situation. Their joint basic income combined with no debts or dependants would afford us the opportunity to provide the finance needed to purchase and deliver what the customer needs.
We’ve helped customers in this situation before. If this sounds familiar or any details match one of your client’s situation...we may be able to help.
Contact our Business Development Managers, we’re here to help.
Jean Errington 07483 310314 jerrington@harpendenbs.co.uk
Graeme Aitken 07483 310334 gaitken@harpendenbs.co.uk
harpendenbs.co.uk/intermediaries