Our clients contacted us online as they were struggling to find a broker who could assist with their enquiry, due to the complexities involved. The main challenge was around the conversion of the exiting residence to a holiday let, which would comprise of four separate serviced apartments under
The clients were both in stable employed positions, and had already sourced a property to buy as their new residence, and had set their heart on not only the move, but also had aspirations of creating a business from the serviced accommodation.
As the property to be converted was in a prime tourist location, with popular cultural landmarks nearby, this helped matters as we could present the overall case to potential lenders to gauge their appetite to lend. This pitch was crucial as it underpins not all aspects of the case but highlights to the
lender each particular facet of the situation. This allows the lender to make an informed decision of whether this would be a case they could consider or not.
From our extensive research we sourced a lender that was interested in the holiday let remortgage, and as such offered a bespoke proposal. To compliment this, we secured an arrangement on the residential purchase with a high street bank, who were comfortable with the move overall, and
could isolate their lending decision to the purchase on the proviso the holiday let mortgage would be covered by the projected rent.
The outcome resulted in our clients acquiring their desired property, and successfully launch their new holiday let venture. In addition to this, the deals secured were market leading when factoring in the lenders that could consider each respective mortgage.