
HMO Mortgage On Grade II Listed Building In Carlisle
The Scenario
Our high-net-worth clients had identified a residential Grade II listed building in Carlisle city centre coming up at auction that was an ideal rental solution for doctors at the nearby hospital. The property needed refurbishment and some remodelling to make it suitable as an HMO.
Lenders are often reluctant to consider listed buildings: planning permission can be complicated and add expensive weeks to a project. Our clients had no previous experience converting a listed building to HMO, and were aware that this was an issue to be addressed.
The Solution
The clients had already instructed an experienced architect who was in discussions with the council’s listed building department, demonstrating their understanding of the process and a commitment to gathering the necessary information.
We took their application to a lender who was more focused on our clients’ established borrowing record and their strong outside incomes, and were able to secure an in-principle mortgage offer in just two days.
Four months after completion of the purchase, our client advised the lender that consent from the council had only just been received, which had set back the commencement of considerably.
The lender we had approached was able to take a pragmatic view of the situation, and the focus on the best outcome for both mortgager and client. They understood that the delay was completely beyond the client’s control and were willing to relax their standard condition that refurbishment works should be completed within six months.
In this case, matching with the right lender meant they looked at the situation on its own merits in order to get the best outcome for both mortgager and borrower.
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Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.