How would you get a mortgage on a Victorian water tower in Woolwich or a fort near Portsmouth?
Getting mortgages agreed on unusual luxury properties like water towers, forts and castles can be tricky.
An ex-water tower is for sale in south London and you could live in it. On the market for £2.25 million, the nine-storey home in Woolwich stands 130ft tall. As part of the conversion to a residential property, the house has five bedrooms, three bathrooms, and 'quirky period' features. There is also a viewing platform with stunning 360-degree views.
Timeout magazine highlights the Victorian tower was built in 1896 to store water for Brook Fever Hospital. The hospital, which used to treat infectious diseases, closed in 1995 before the tower was sold off.
Hamptons is managing the sale, and the picture above was taken from the Rightmove website.
It should be possible to get a mortgage on a fort, provided the buyer is weathly rich enough!
Another spectacular and unique property between the Isle of Wight and Portsmouth is on the market. The £4.25 million original price tag has been reduced to £3.6 million and features 23 bedrooms, a lighthouse, a helipad, a laser battle play area and a spa.
The SurreyLive website says the fort was built in the 19th Century as a line of defence against the threat of invasion from France and has been on the market since 2019. It was decommissioned by the Ministry of Defence in 1956 and then sold to private developers.
The image below was taken from Rightmove.co.uk.
How to get mortgages on usual properties
Mortgage lenders have different risk appetites, but many are willing to lend to clients buying unusual properties.
If you are looking for a £1 million+ mortgage, private banks will probably be the best option for a luxury but unusual property. Although, increasingly smaller building societies are challenging private banks to target wealthier clients purchasing unique homes. They are also more willing to provide smaller mortgages.
Trinity Financial's brokers have a track record of securing mortgages against stunning homes, often with land and equestrian facilities, and we help clients buy country estates and castles.
Call us on 020 7016 0790 to secure a mortgage or book a consultation.
The information contained within this article was correct at the time of publication but is subject to change.
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