Clients often approach Large Mortgage Loans seeking finance against unusual property types – but what exactly earns a property the title of “unusual”?
Almost all UK mortgage lenders regard properties built with brick walls and a tiled roof to be of “standard construction type”; meaning any property not matching those characteristics is technically “unusual” in the eyes of banks and lending institutions.
A property may also be deemed unusual due to its size, use or even status. In the UK, some properties are categorised as either Grade I, II or III listed, meaning varying levels of restrictions have been placed on the works and renovations that can be carried out on them. This can heavily limit the options available for financing such properties. Large Mortgage Loans was recently approached by a client who, following a recent divorce, had a limited deposit with which to secure a new Grade II-listed home for themselves. Despite the client’s complex income structure adding to the complexity, we were able to secure an interest-only mortgage for them.
More recently we were tasked with securing an eight-bedroom farmhouse for a client with a volatile income history. The property was situated on a 20-acre plot of land – again, many lenders can struggle to fund where there are significant land holdings or agricultural ties. However, Large Mortgage Loans’s Associate Director Matthew Hillyer called on his extensive criteria knowledge and was able to get the clients into their new home.
Yet another “quirky” property might be the magnificent 300-year old stately home in Somerset, which Senior Commercial Manager Charles Ayton assisted our clients in purchasing – for the purpose of converting into an event venue. The buyers actually approached us when their original funding line fell through just three weeks prior to the expected completion date. Again, a strong network of lender relationships allowed us to find the right home for this deal.
As with all cases, it is essential to speak with the right broker. Large Mortgage Loans has helped countless clients where seemingly no option was available. If you are looking to purchase or refinance an “unusual” property, we’re usually the right number to call. To speak to an adviser, call 0207 519 4900 or email enquiries@Large Mortgage Loans.
Your home may be repossessed if you do not keep up repayments on your mortgage.