Multi Let Mortgages N.I.

[JAMES HILES]

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.

 

[diyhelp]

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

 

[JAMES HILES]

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

 

[Longterminvestor]

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.

 

[Karen R]

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.

 

[Longterminvestor]

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

 

[Karen R]

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.

 

[diyhelp]

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?