HMO Mortgage On Grade II Listed Building In Carlisle

HMO Mortgage On Grade II Listed Building In Carlisle

Area
Carlisle
Capital Raised
£385K

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. 

In a similar situation and need an HMO mortgage? Please call our team on 0117 959 5094 or complete our enquiry form.

Further Reading: How to get a mortgage for a grade 2 listed house

Simon Mullins

Finance Broker CeMAP

Cardiff

0117 959 5094

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Paige Dumpleton

Finance Broker CeMAP

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Bristol

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Scott Dutfield

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

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Nick Kerley

Finance Broker

Cardiff

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Louis Levine

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Sam Baker

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Cardiff

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

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Bristol

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Jack Spillane

Finance Broker

Bristol

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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. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

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Luther Yeates

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Bristol

0117 244 5561

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Sam ONeill

Senior Finance Broker

Bristol

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