Multi Let Mortgages N.I.

J

JAMES HILES

New Member
Hi,
I'm new here & looking for advice on refinancing a multi unit property just outside of Belfast in Northern Ireland.
The property is under one freehold title, but is split up into 3off 1bed apts & 1 studio apt.
I am really struggling to find a company who mortgages HMO & Multi let property in Northern Ireland, or am I just looking
in the wrong place, & maybe I need to go down the commercial mortgage route.
Any help would be much appreciated.
 
D

diyhelp

Active Member
Have you looked at private banks rather than traditional high street banks? They are a lot more flexible.
 
J

JAMES HILES

New Member
I haven’t looked at private banks, I’m not even sure how I would even go zbout that.
 
L

Longterminvestor

Administrator
Hi @JAMES HILES

I think access to private banks tends to be via mortgage brokers as they dont normally advertise. I would go down this route as I am pretty certain you only pay mortgage brokers commission on a successful deal.
 
K

Karen R

New Member
If you contact a reputable broker, they will be able to help. Opt for a commercial finance broker not a standard residential mortgage broker. There are lenders that will consider such property in NI and a broker would ensure you have all the options available to you.
 
L

Longterminvestor

Administrator
Would there be a premium on the mortgage interest rate @Karen R as it is not a market too well covered?
 
K

Karen R

New Member
Would there be a premium on the mortgage interest rate @Karen R as it is not a market too well covered?
The interest rate certainly won't be high street residential rates but commercial rates are reasonable and i guess it depends what you want to refinance for (ie: why and how much you want to raise). If you want to see what is available it won't cost you anything to have a commercial broker review and asses the enquiry and take full details from you to see what the indicative terms are then you can decide whether to progress or not.
 
D

diyhelp

Active Member
Everything is relative in the world of investment - does the potential for the property far outweigh any potential interest rate premium you might need to pay with a private bank bespoke mortgage arrangement?
 
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