Like many Londoners during the pandemic, we were approached by a client who wanted to leave London and move to the countryside with his family. Properties in the country can be more complex to mortgage if they have large acreage or, in this case, additional outbuildings on the same title. However, there are solutions on the market, if you work with an adviser who knows where to find them.
Our client found a £1.6m country estate he wanted to buy, which included several outbuildings on the land including a grade II listed cottage with a thatched roof, an outhouse and a barn. The cottage was in a state of disrepair, and the thatched roof had fallen through. Most lenders will not consider lending when there are multiple buildings as they worry about the property’s resale value.
The client’s income was further complicated as he had recently set up a partnership and did not yet have a sufficient track record to prove his income in the LLP. This meant that affordability fell short with most lenders.
We found a bespoke lender who was happy to lend over £1m, up to 75% loan to value against the property. The lender was willing to consider the client’s income, meaning he could borrow the amount he needed. We arranged a mortgage that was part repayment and part interest only, which kept monthly payments low and gave the client peace of mind that he was paying down a large portion of the mortgage.
If you need specialist mortgage advice to secure a large or complex loan, don’t hesitate to get in touch with our team of advisers, who can guide you every step of the way.