What sort of mortgage for Residential + BTL

holly_hobby

As Dave says, before you start going into anything (and esp before you start laying out any dosh) it is imperative you find out how the unit(s) are registered with land registry and if the reqd planning permissions and regs/sign offs were obtained by the developer re the split.

If this is 1 title we're talking about (and assuming PRs were met), if the Vendor won't go to the expense and trouble of splitting the deeds and effecting individual leaseholds, then I would walk away from a lame duck.

Hope this helps

Holly

Thrugelmir

holly_hobby wrote: »

As Dave says, it is imperative you find out how the unit(s) are registered with land registry/if the reqd planning permissions and regs/sign offs were obtained by the developer.


Hope this helps

Holly

Sounds like a commercial lending proposition. Rather than a standard BTL one.

holly_hobby

BTL is commercial finance (albeit technically now classed as semi- comm borrowing) - although both unregulated.

True full commercial finance is what I think you mean, so we then have the value of the unit as a whole, which will restrict LTVs and of course rates are higher at circa 2% on SVR, plus costs and security is more significant. Then he has refinancing issues, if he wants/needs to start spliting the deeds to dispose of 1 (or more individua)l units, as and when he needs the capital injection.

The bank will naturally want business plans, evidence of experience etc, etc, as any other business finance would be assessed under.

OP will need a commerical broker to hopefully get this right first time round (up front higher fees due to increased placement work), as oppossed to a traditional resi broker whom will generally have limited commercial exposure.

Hope this helps

H x

Thrugelmir

holly_hobby wrote: »

B
True full commercial finance is what I think you mean,

Spot on as always Holly.

RyanVince

Thanks for all your help I'll do some more research and let you know if I take it any further.

Ryan