Location: Somerset
Loan Amount: £1,050,000
Finance Category: Residential Mortgage
The Story
Clients approached us as they were looking to sell their existing main residence and purchase a larger property with equestrian facilities on the title. The property had 7 acres, 9 stables, a ménage and two barns on the title. the clients currently had 2 horses in full livery and were now looking for a property which would allow them to keep their horses at home.
The Challenge
I wanted to secure high street rates for our clients so needed to discuss the property and it’s use directly with underwriters before we submitted an application so we had prior approval that the lender understood the need for this property and how the clients would be utilising the facilities as this was all included on a single freehold title.
The Solution
I already had a good idea of which lenders would be comfortable with the acreage and outbuildings which are included with this purchase. I approached the lenders I also knew would be most competitive with regards to rates and valuation costs. After discussing the property and the client’s intentions for it I had the case pre-approved. Fox Davidson submitted the application, and the valuation was carried out using the information I had prepared in relation to how this property was to be used so the valuer and lender knew that no commercial use was intended. Affordability for the mortgage was also helped by the knowledge that the livery fees would cease once the client’s moved into the property.
The mortgage went to offer and the clients completed on the purchase before Autumn so they could settle the horses in before the weather turned.
Sarah Fox-Clinch specialise in large mortgage loans including mortgages for property with equestrian use and large acreage.
