Mortgages on one property made up of 3 flats?

Chris_P_2

Hi. If I have one property which i own and it has been converted into 3 self contained flats that are rented out, but there is just the one title - is there any chance of getting a let to buy mortgage on it?

I have spoken to one lender who said that each flat would have to have its own title, and they could not lend against all 3 flats.

thanks

holly_hobby

This would be a buy to let mortgage you are after - and a lender who allows for multiple occupancy (i.e more than one family unit in the property).

My mge placement days are past (I'm now more involved in regulation), but thie info you have been given about splitting the deeds was correct for one of 2 lenders we used for such business, which was Woolwich (part of Barclays Group). Who asked for sep title deeds and leases for each of the flats - with 2 sets of fees- but 1 overall mge on the lproperty at 1 singular mge rate. (which I imagine was svr & a loading)

The other was a lender called Sun Life Bank (could be intermediary only - if they still exist) - the landlord had to live in one of the flats, whom recd normal residential rate, with a mge rate of svr & loading on other sep properties. Sep valuations on each flat too - can't recall if they wanted the deeds split, but from sep vals reqd sounds likely).

This is for a commerical or semi commercial broker whom also dabbles in the high st - you need a specialist whole of market mge broker - who will know which btl lenders are in the market for HMOs (multi occupany propertys), and don't require split deeds. (as my knowledge of active lenders is not up to date).

Hope this helps

Holly