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The clients wished to purchase a picturesque large rural property, however their combined income was not enough to secure the mortgage required.
Furthermore, the property had nine acres of land and equestrian facilities, thus adding additional complexity for a residential mortgage. Most standard mortgage lenders can have an issue with an acreage of this size and will only value the first acre of land.
While they would be living in the main house, the property also comprised of two log cabins on the grounds, operating as income producing holiday lets with which they could reach the affordability required.
Not only was the pool of lenders available limited from the large acreage and equestrian facilities, few lenders consider income from the holiday let when assessing affordability. Due to the technicalities of this case, our broker knew a mainstream lender would not be suitable.
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.
A specialist solution was required from a lender who would take a view on the client’s specific circumstances and use the proposed holiday let income to enhance their affordability.
Our expert advisor utilised their longstanding relationship with a specialist lender who could calculate the rental that could be achieved at a 60% occupancy rate of a similar sized holiday let, thus enhancing the borrower’s overall affordability and could lend on a property of this acreage with equestrian facilities.