Shawbrook offering mortgages for blocks of flats
Shawbrook Bank is one of the specialist lenders offering buy-to-let and commercial mortgages to purchase or refinance blocks of flats.
The bank will consider lending on blocks of flats with up to 20 units even if there are multiple flats and they are on a single freehold title.
Shawbrook won’t restrict the number of properties they will lend against to an individual client or limited company, although the overall affordability will be assessed carefully.
Aaron Strutt, product manager at Trinity Financial, says: “Not all of the lenders are keen to lend on a block of flats, but there are some specialist banks willing to help. We have a range of buy-to-let and commercial contacts that are keen to lend.
“Initially they will want to understand exactly what you are planning to do and why you need the money. They will be particularly interested in the location of the property and the rental yield.”
The bank will consider lending mortgages of £50,000 and £10 million. Borrowers will typically need a 25% deposit and terms range between three to 30 years.
Shawbrook will also consider lending on:
- Houses in multiple occupation (licenced HMOs)
- Flats above commercial premises
- Low yielding properties in prime locations
- Student accommodation
For help to secure finance for a block of flats, call Trinity on 020 7016 0790. You can request a call back using the form below.
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