Commercial mortgage for first-time buyers and investors purchasing mixed-use property
The clients: A married couple from Shropshire looking to purchase their first investment property. The husband works in financial services and the wife is a teacher in a local primary school. They are first-time buyers and first-time landlords.
The property: A mid-terrace property consisting on the outskirts of a Shropshire town. On the ground floor is an office which is leased to a small accountancy practice. Upstairs is a 2-bed flat let to a working couple. The property also has a small private courtyard.
The finance: The couple had a deposit of £51,000 from their personal savings. New to property investment of any kind they wanted our help to find a lender which accepts first timers and processes applications very quickly. Most lenders require applicants to be home owners and have experience in letting property especially when purchasing premises with a commercial element.
The application process: We took the case to a particular specialist lender we work with often and know to accept first time landlords. As we track lenders' processing times, we knew that the lender could work within the clients' required timescale.
In support of the application, the clients provided proof of identity, address and income. The ensuing valuation report confirmed the property to be good security for the loan and a just a few weeks later a formal mortgage offer was issued to the delight of our clients.
Here are the details: