Multi Let Mortgages N.I.

Discussion in 'HMO & Multilet Property' started by JAMES HILES, Mar 4, 2019.

  1. JAMES HILES

    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.
     
  2. diyhelp

    diyhelp Active Member

    Have you looked at private banks rather than traditional high street banks? They are a lot more flexible.
     
  3. JAMES HILES

    JAMES HILES New Member

    I haven’t looked at private banks, I’m not even sure how I would even go zbout that.
     
  4. Longterminvestor

    Longterminvestor Active Member

    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.
     
  5. Karen R

    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.
     
  6. Longterminvestor

    Longterminvestor Active Member

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

    Karen R New Member

    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.
     
  8. diyhelp

    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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