Self employed 85% loan to value mortgage with bad credit for property with 2 kitchens

Area
Torquay
Capital Raised
£630K

The Scenario

Our client wanted to buy a £750K house in Torquay. He'd already exchanged on it and put down a 5% deposit by the time he came to us. He'd just assumed he'd be able to get a mortgage for the remaining £630K with a traditional lender.

But high street lenders banks weren't coming to the party. He was 62 years old, self-employed and in the first year of his new business, and he had adverse credit history: arrears on the mortgage for a buy to let property within the past 12 months. 

And the additional sticking-point was that the property had two kitchens. 

Better than one kitchen, you might think. But it's a significant concern for lenders, who might (quite reasonably) assume that the intention is to split the property into two units, significantly altering its valuation. 

The Solution

We needed to work quickly to ensure our client didn't lose his deposit. 

We identified a lender who was prepared to lend despite self-employment and the adverse credit history. And we persuaded them that an "entertaining kitchen" on the same floor as the first-floor dining room with extensive views was not unreasonable for a substantial property of this size. 

We secured an 85% loan to value mortgage offer, and chased it through to completion within one month.

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.

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