Area: Bristol
Amount raised: £307k
The scenario
Two ambitious first-time buyers approached Orton with a unique vision – to transform a property marketed as a rental investment into their dream home. Despite facing initial challengers with financing due to the property’s dual flat setup, Orton stepping in to navigate the complexities and turn their aspirations into reality.
The property in question was a spacious house divided into two separate flats, each equipped with independent kitchens. This layout posed a significant hurdle as traditional lenders often assume such properties will be let, making securing financing a daunting task. Despite being turned away by other mortgage brokers, the clients refused to abandon their dream.
The solution
Recognising the potential of the property and armed with extensive experience in navigating similar transactions, we swiftly devised a plan of action. Conducting a pre-valuation enquiry revealed initial resistance, but Orton’s expertise and prior knowledge allowed us to provide informed guidance to the clients. Leveraging our network and market insights, we secured a loan with favourable terms, including a competitive interest rate and loan to value of 90%. Ensuring the clients retained sufficient reserves for renovation work.
Our approach yielded tangible results. The loan was swiftly approved, and the valuation passed without issue. Through continuous market monitoring, we were able to further optimise the clients’ interest rate, resulting in estimated savings of over £8,000 over the initial 2-year fixed period. By defying conventional wisdom and exploring alternative financing options, the clients were able to pursue their dream home without compromise.
Why choose us?
While challenges may arise when converting unconventional properties, our experience and commitment to client success makes the seemingly impossible, possible. This case exemplifies the value of tailored solutions and the important of seeking guidance from experts. If you are embarking on a similar journey, let us guide you through the financing process and turn your home renovation dreams into reality.