Case Studies

Mortgage for a non-standard property

James and Anna have been clients of FOCUS for many years. Most recently, they came to us as they were looking to move house and needed our help and guidance to find a suitable mortgage.

The Need
The property James and Anna wanted to purchase was slightly unusual as it has a self-contained annexe at the top of the house. This annexe shares a door – and utilities – with the whole house, making it ideal for lodgers.

The Detail
As the annexe has its own kitchen, the property falls outside of the lending policy for the majority of the high street lenders. This meant that in order to purchase their new home, James and Anna needed to find a lender who will offer a mortgage on this type of property.

FOCUS not only has access to the main stream lenders, but also those providing specialist lending facilities.

Having investigated the options for James and Anna, I recommended Handelsbanken for the additional borrowing needed of £550,000. As well as being happy to lend on this non-standard property, the mortgage from Handelsbanken also had the facility to put part of the mortgage on to an offset facility, which gave James and Anna the same flexibility that they had enjoyed with their previous mortgage arrangement.

Sourcing the right lender is only the first step on the mortgage journey. Once James and Anna had had their offer on their new home accepted, I then guided them through the entire application process. This starts with FOCUS submitting the application to the lender and then tracking the process through to completion.

In addition, I reviewed James and Anna’s protection arrangements with them to make sure that their mortgage commitment is covered should something happen to them.

The Outcome
The mortgage application completed successfully and James and Anna moved into their new home just a few weeks later.