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  • Mortgages & Finance

    Freehold block flats

    Hi guys

    I have a few Btl properties mostly through Tmw. I'm looking at buying a freehold block of 6 flats which is in disrepair and unoccupied. Because this is not a standard btl I might have difficulties  can anyof you point me in the right direction. I might also need to use some equity from my others. 

    Many thanks 

    Sarah
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    Hi Sarah

    hopefully this response is better late than never!

    To acquire such a property, you would need to take a short term loan to cover the period where you are doing the works, then move onto a traditional mortgage after.  You can either split these two stages between two different lenders, or there are some lenders who will do both parts, which can be a really good thing, as they will pre underwrite the end mortgage at the very beginning, thus taking away concerns about remortgaging - this will also save you on fees (although this would need to be balanced with whether the interest rates on offer were competitive.

    If you want to drop me a line, we can run through the various permutations (jenib@mortgagesforbusiness.co.uk) but for now, I hope this helps.

    Jeni

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    Mortgages For Business is a commercial partner of Property Tribes.

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