Multiple Properties One Title (MPOT)
The borrower
Myles is an experienced landlord and an opportunity has arisen for him to purchase a small riverside country estate comprising a former mill house and 2 holiday apartments. In addition, there is an indoor swimming pool complex with jacuzzi and outside are formal gardens, orchard and pond. The large main house has planning for residential use as does one of the holiday apartments but the other is currently restricted to holiday use only.
- Property Purchase Price £1.25 million
- Loan required £800,000
- Rent £13,000 per month
The properties generate plenty of seasonal holiday let income which is more than sufficient to support the mortgage however, all of the properties are on the same freehold title with the additional complication that one of the properties only has planning permission for holiday use.
How we can help
At Foundation, on our Multiple Properties One Title (MPOT) product range we can help with cases like this where there are up to 4 individual properties on one freehold title and where the LTV is less than 65%, we are also able to consider properties that can be used solely for holiday let purposes.
We love to talk a case through, why not call your Foundation Regional Area Manager today?