£550,000 mortgage for couple buying 17-acre farm and splitting title to let outbuildings
What was the situation?
Our clients contacted Trinity Financial to speak to a specialist broker about buying a farmhouse with 17 acres, stables and outbuildings. They wanted to let some of the outbuildings and split the property title upon completion to generate extra income.
They required a £550,000 mortgage to purchase the £850,000 property and had separate cash to buy one of the outbuildings through a limited company. They wanted to find a flexible lender that would provide a residential mortgage and allow them to separate the title upon completion.
What was the issue?
Many lenders cap the number of acres a property can have, but they are also not keen on large outbuildings or when the title will be split.
The highest-income earner on the application worked as a professional in the finance sector and received income from multiple companies. However, he did not draw dividends, meaning he retained profits.
What was the process?
After sending over a link to the property they were buying and fully understanding their financial situation, we approached several lenders to find the one offering the most competitive rates and terms.
What was the solution?
After our client submitted all the necessary forms and the application was sent to the most suitable bank, a mortgage offer for £550,000 was issued within two weeks on full capital repayment over a 25-year term.
The lender was keen to attract self-employed borrowers and allowed 10% overpayments each year without charge.
Lending solutions with Trinity Financial
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The information contained within was correct at the time of publication but is subject to change.
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