Conversion of Two Flats into One Property
25th January 2022
Key Facts:
- Client: British Nationals and Residents
- Property Value: £925,000
- Loan Amount: £600,000
- LTV: 64.8% LTV
- Rate: 2.25%
We were recently approached by a couple who had the opportunity to purchase the flat below their own. The clients wanted to convert the two flats into one residential dwelling.
The challenge here was that they wanted the mortgage to be on the freehold and for the loan to be based on the value of only one unit. A very small number of lenders, however, will do this without the need for bridging finance. Whatever you’re faced with and however much you want to borrow, here at Enness, we can help you use your assets to secure a finance package to get you out of a tight spot.
In this case, we successfully secured a regular mortgage with a condition of £10,000 retention to ensure the clients did indeed convert it back into one dwelling.
Unlocking opportunities requires capital. Whether you are a business looking to grow or an individual looking to increase your wealth, Enness will help you use your assets to unlock the liquidity you need to reach your goals. To discuss your scenario, get in touch today!
