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Categories: guides | buy to let mortgage guides

There were a number of hurdles to overcome when a client approached us wanting a buy to let remortgage on their flat. The issues faced were that the flat was:

  1. In a block where 80% of the other units were owned by landlords
  2. Located above an events venue
  3. In a city centre location surrounded by commercial premises
  4. Next door to a petrol station

If you have encountered one or several of these issues yourself and have not been able to get a buy to let mortgage or remortgage, watch our video guide to understand the details of this case and get in touch – we’d like to help you, too!

 

Video guide transcript: Securing a buy to let mortgage on a flat with a petrol station next door and high landlord ownership in the block

“We had an enquiry come through the other day, where a client was looking to remortgage a flat in a block, where 80 percent of the flats were owned by landlords. 

“That is something that can cause a little bit of a challenge, when it comes to looking for a lender that will be able to accept this type of scenario, because of the resaleability of the property further down the line. 

“In addition to that, the flat was also located above an events venue, which is obviously a commercial property and it's something, not every lender will be happy with given the potential noise the property can cause. 

“It was also surrounded by lots of different commercial buildings and it was also a lower property value at £70,000 with a low loan amount of £49,000.” 

“The final point was the fact that it was also located next door to a petrol station. Obviously a petrol station is a commercial property as well, but there is an extra sensitivity with a petrol station, when it comes to lender's criteria, because of the potential hazards that they can cause. 

“So, there were loads of different quirks there. But, we've got lots of different specialist lenders that we can approach and we have been able to find a product for the client. They were absolutely happy we ticked all the boxes and were within the budget, and we have managed to place it for them. 

“If you are looking at anything similar, whether it comes to a property being located in a block, or the block being owned in the majority by landlords, or anything surrounded by commercial buildings, give us a call and we'll be more than happy to help.”