US client purchases a large farmhouse with several complexities

The client, who had just returned from the US, was looking to purchase a beautiful large English farmhouse in the North of England valued at £1.1m, comprising of a main residence with two holiday lets, all on one title. However, most lenders would not consider a property of this nature due to the following complexities:

• The client required a large loan amount with a high loan-to-value of 90%. Most lenders will see this as higher risk when lending, especially at such a high loan size.
• The property has a large acreage. Some lenders can have an issue with acreage of this size, and some will only value the first acre of land.
• The main title has two holiday let properties.

The final complexities were regarding their foreign US income and lack of time spent back in the UK with a minimal UK credit footprint – these in isolation would rule out c.80% of the lenders we work with.

With several complexities involved, our broker had to utilise their vast knowledge of the market and expertise to identify a lender they knew who would accept this complex proposition.

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 was able to secure a highly competitive mortgage offer of 5.29% on a 2-year fixed rate term at 90% LTV.