Do you think you need a residential mortgage but are being told you must take a commercial loan? or perhaps you are being told the property is not commercial enough? We can help!
We arrange the following for purchase and remortgage:
• Residential mortgages for country homes and estates
• Residential mortgages for smallholdings
• Equestrian property finance and mortgages for equestrian property – anything from a home with a paddock to a livery yard or racing stables (see equestrian mortgages )
• Mortgages for properties with holiday cottages
• Mortgages for properties with agricultural restrictions (agricultural occupancy conditions), or mortgages for properties which are subject to an equestrian tie
• Mortgages for Farms, both residential and commercial, including diversification or expansion projects
• Kennels mortgages and cattery mortgages
• Self build mortgages and development finance, including mortgages for self builds subject to an agricultural tie
Many providers in our sector will offer commercial or agricultural lending; however if there is a permanent conventional dwelling or planning permission for one, we will more commonly offer a residential mortgage. The benefits to this are:
- residential borrowing is nearly always cheaper
- residential mortgages tend to be simpler to arrange
- affordability is based on existing earned income, with no need to create a business plan; although we can look to incorporate income generated on the property.
- There is more financial protection, as residential mortgages are fully regulated by the Financial Conduct Authority (and we are directly regulated by the FCA).
If finance can’t be offered residentially, i.e. if there is no residential element to the property or it is a commercial farming proposition, we also offer agricultural lending.
We always take a flexible approach, and can offer various options:
• Interest only borrowing if appropriate
• Affordability based borrowing using earned income and/or business income from the property
• Potentially 90-95% residential mortgages and up to 100% funding is potentially workable where additional security and sufficient income is available
• Terms up to 40 years, subject to age and circumstances
Please do give us a ring on 01179860736 to chat through your requirements and see how we can help, or provide detail here via our contact form and we will call or email you back. There is of course no further obligation to work with us.
Despite our specialism we do not charge excessive fees – a typical fee being £195-£895.