We are interested in a property being sold as one unit but is actually 2 individual flats. The estate agents are saying it can only go to a cash buyer. Is this correct?
Posted on 2 June 2014 by Kelly
We are interested in a property that is being sold as one dwelling but is actually 2 individual flats (it used to be one home) the agents selling the property are saying it can only go to a cash buyer as we wouldn't get a mortgage on it. Is this correct?
I'm afraid that the agents are not totally correct incorrect in what they are saying. If you want to buy the property, reconvert it back to a single unit and then move in, then 'no' you wouldn't be able to get a normal residential mortgage. However, if you are looking to purchase the property as an investment, then there Buy To Let lenders who can look at multiple units under one freehold title.
Also if you did want to buy the property and convert back to a single unit, then if you have a deposit of of around 25% - 30% we could look at a bridging loan, which would enable you to complete the purchase, get the conversion work done, and we could then look to remortgage you onto a normal residential rate.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help.
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