Looking for a specialist btl mortgage

Gehngus

Hi. 
I need to find a btl mortgage provider that can lend on a property that is part of a retirement complex.

I could buy for cash but it would leave me short. I would rather put 30% down. Or buy it, update and then take on a btl after increasing it's value.

Sale price 50k. Needs updating. 
Market value when done £65k

I have 55k in the bank. 
Own home valise 275k mortgage free. 
Land and other property loan free value £35k

Btl property value £175k (40k loan) 

I have reasons to be wanting to buy one in this particular complex which, and have a tenant ready. 

This particular complex had 65 apartments where you have to be 55 to live there but anyone can buy. 
I am old enough to live here as it happens, that was a surprise. 

Many of the apartments are let out so is assumed I could add one to my portfolio. 

My broker can't do it and recommended looking online. 

I hoped somebody here might be able to assist?

Alternative I could take a mortgage on my own home which is mortgage free, or add it to another btl mortgage I have over 100k invested in, but this doesn't come up for renewal until August 2024.

Any advice would be good. 

Many thanks 

JM68

A simple route would be to re-mortgage either your own home or your current BTL to whatever you need to buy as a cash buyer with your savings while leaving enough for you not to feel 'short'.

Two other things to consider.  First, retirement properties often have very high service charges.  Second, they are much harder to sell than property that is not age restricted.

theartfullodger

Talk to some BTL mortgage brokers, see what they say

user1977

I would have doubts about the property itself being mortgageable (due to the occupancy restrictions and high charges), so borrowing against other property seems more feasible.

Gehngus

Thanks for the above advice.
I will look into a remortgage on my house, but I'd ideally like to keep this seperate. 
The fee's on this aren't bad, and are incorporated into rent payments. 
The going rate for rental is £875pm.
Fees £1800pa. ground rent 240 twice yearly.
Usually they sell quickly. I've missed a few, but this needs updating so is less, and not selling. Im a general builder/property maintenance so not a problem for me.
The main market is for those wishing to sell their over sized houses with stairs and move into a place with a lift, gardens, no maintaining etc. Most would pay cash and release equity. 

It also helps that this property is close to shops and to the beach so attractive to those who want to go somewhere very pretty. 

I'm confident it will rent continously and would sell of I wanted to sell. 
A large part of my intrest is that it might become a uk base for my wife and I in the future. I'm pretty sure we won't need this nine bedroom edwardian house after the kids have married and gone. 
I just wondered if any company did loans on such things? 

Spinybif

With a ground rent over £250 pa you will have great difficulty getting a mortgage 

 "If your ground rent is above the £250 threshold (or £1000 in Greater London) the lease may be considered an assured tenancy and in the event of you falling into 3 months of ground rent arrears, then your landlord has a right to repossess the property."

Gehngus

Thanks for the above.
I will buy it outright and take a loan on the house instead.
As I haven't got a mortgage I assume I can't remortgage? So is it equity release I need ?

Also. I am 58 years old so assume I can't have a mortgage for more than seven years. Is this correct? 

Basically I'd be looking to borrow £30k against a £270k property. 

I might consider adding this to an existing btl in the future, currently it's locked in. 

If push came to shove I would buy it outright but id rather have some working capital.

Where is best to get a calculation for an equity release loan/mortgage? 

Many thanks