0:03 AM, 17th December 2024, About A year ago 2
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I live in Australia and have a residential BTL changed from a HMO about 5 years ago. The new tenant is a commercial lease with a company that houses refugees.
The property is kept immaculately and I have visited it myself to see this in Dec 2023.
The mortgage term expires in 2025 and it was interest only but we want to change it to repayment. I need to refinance but I am struggling to find a lender. For some reason “Commercial Tenant Leases” are frowned upon. And further, the fact I have refugees is a major red flag for lenders.
The issue I have is the HMO tenants treated my property appallingly. I have found the refugees treat the property with a great deal of respect and it is well cared for.
Why can’t I find a lender to take this re-mortgage on? The Loan to Value is only 60% and I have years of track record showing mortgage payments are always made and never missed.
The rental income is good too.
Can anyone help me?
Dean
Editor’s Note: If it is possible to finance our team at Brooklands Commercial Finance will know, but they will need to complete a full fact find first.
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Member Since February 2022 - Comments: 201
19:15 PM, 17th December 2024, About A year ago
I’d recommend Alex Milham from https://www.asc.co.uk/
Good luck!
Crossed_Swords
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Member Since April 2021 - Comments: 189
8:52 AM, 20th December 2024, About A year ago
Find a broker, I use The Mortgage Branch in Cheltenham, you’ll never find a mortgage on your own
Re Editor’s Note: any broker will require a full fact find
There may be a difficulty now with you based overseas – I heard it’s impossible to open a UK bank account – but they should be able to advise you and if there are options