The client came to us through a Google search, having been declined by their previous lender. They had found a dream country home, a detached 5 bed property with 6 acres and paddocks. The couple could easily afford the mortgage of £400k, however a number of lenders would not even consider a property of this nature due to the following complexities:
- There was a separate 2 bed annex, complete with council tax and its own utilities as the previous owners used to let this out.
- As is often the case with country house purchases, the land and property were on 3 different titles, with the property itself and annex on one, the paddocks on another and the driveway and corresponding land on a third.
- The property was next to 2 commercial properties, being sandwiched between two working farms.
- The property had 6 acres and some lenders will only value the first acre of land and some lenders can have an issie with acreage of this size.
Solution & lending facility
With access to every lender on the market and vast experience negotiating property finance of every kind, Private Finance’s expert brokers are equipped to find solutions to mortgage-related problems, even in situations such as this where there are multiple complexities.
Our expert consultant was able to find a lender who would accept this complex proposition and, despite previously being declined, was able to secure a highly competitive mortgage offer of 1.39% on a 5-year fixed rate term within 2 weeks of their enquiry.