Over the years we have come across many quirky properties.
From Grand Designs type properties, through to properties with large amounts of land. Even properties with water supplied vie a borehole we have seen a lot over the years.
The reason for this post is just look at some of the things we have been able to help with in the past. No matter how unusual the property, if you like it get in touch and lets see if we can help.
Some examples of unusual properties
A Bed and Breakfast
OK, so strictly speaking not the most unusual of properties. But what about being able to get a normal high street mortgage on it? The clients had previously spoken to another broker who wanted to go down the commercial route. We managed to help secure normal high street rates, half of what they had been recommended by another broker! This was quite a quirky set of circumstances and the devil is in the detail. If this is you, run it by us and lets see what we can do.
A property with a borehole
That was a complicated application! Not so much because of the borehole (although that was something that certainly was not for every lender) but because of all of the other issues combined – adverse, self employed etc. This was probably the most complex case we have ever had!
A windmill!
This was not one of our applications. We were talking to one of our account managers recently and they made us aware of a case where they had leant on a windmill! There were a few quirky bits around this, in that it was only used as a windmill a few days a year which meant it was not a commercial property in the true sense. But it was a sort of functioning home.
Being honest, I think trumps anything we have done. But the fact is that it can be done.
Other examples of unusual properties
In addition to the above, we have come across a cattery, properties with an annexe and properties with outbuildings as well as unusual construction types such as timber framed or concrete construction.
The exception here is “projects”. If the property is in very poor condition then residential mortgages are not geared up for projects. However, we have seen examples where the property has the minimum requirements (water tight, hot running water, kitchen and bathroom) where realistically nobody would want to live there but we were able to find a lender who was fairly relaxed about it.
What is available?
Rate wise, most of the properties we have looked at have been at normal rates. When we look at properties, there are lenders who have quite vague criteria which opens them up to accepting almost anything. Although it will be subject to comments by a surveyor.
LTV wise, we are looking at up to 95% although the devil is in the detail and some lenders may have caps closer to 85% LTV or even 75% depending on the property and any other quirks in your personal circumstances.
Overview
It is always worth a conversation. We like those applications where it gives us something to get our teeth into. If you want to send us a link to the property we can run it by our account managers.
So far I dont think we have ever come across a property we have not been able to help with, we welcome the challenge!
