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Complex mortgage success story


This week's case study highlights how Alexander Hall helped our clients obtain a mortgage to convert two properties into one.

Our clients' challenge

Our clients lived in a garden flat and were given the opportunity to purchase the property above them as an investment. Having let the property out for some time, they decided to explore the option of converting the two properties in to one larger home for them to live in. The scenario was quite complex, in that they had two separate mortgages in place on the two homes, each with their own legal titles, which would need to be merged as part of the process. This could not be done however, until the works to convert the properties in to one were completed. Making such significant alterations to the property would breach the terms of the existing mortgage contracts, so our client found themselves somewhat stuck.

Alexander Hall's solution

One of the key benefits of Alexander Hall’s service, is the range of lender contacts we possess and the access to key decision-makers. We discussed the case with a number of lenders that specialise in niche scenarios, requiring a common sense approach to application assessment. We found a lender that was comfortable with a scenario whereby the title for the two separate properties would be merged on the day of completion, at the point that the re-mortgage was completed to repay the two existing mortgages. This was on the understanding that the works would then be completed immediately, to convert the property in to a single residence. The rate we obtained was market leading and the process saved our delighted clients thousands in costs.

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