Mortgage for two flats in one house

Harpzz

Guys,

Need some advice please of any products that might currently be on the market and any lenders looking to lend to me on this.

I've just done a deal on a property a house thats been converted into 2 flats and has been done so since the 70's no individual leases were ever drawn up so as far as HMRC are concerned this is one house.

I purchased the property for £340.00 I have a 85K deposit which is 75& LTV rental income for the 2 flats is £1250 each so £2500 pm

I tried to get a mortgage on this but valuation officer wasn't able to offer this as he could see the house was two flats even though at the time only one kitchen was in place.

Does anyone know of any products out there that will give me a mortgage based on the figures above?

Simon_gloster

No redidential, possibly even buy to let products are available as the two flats need their own identity ie title numbers.

It not mortgageable. In terms of repo, a lender would not be able to repo flat 1 as flat 2 residents have nothing to do with it and the lender cannot enfore eviction on flat 2.


Dead duck apart from cash buyers. You should have been told this on viewing.