BTL Mortgage on Company Lets

[redbull11 0]

Hi all, 

I am looking to remortgage a BTL to release some equity, the BTL is currently let to an company on government AASC contracts to house asylum seekers (previous known as COMPASS contract). The company dealt with all the day to day issues, maintaining the property and paying the rent. The lease usually lasts 5-10 years. Is it possible to get a mortgage, if so, what are their typical terms please - LTV/Interest rate etc.? 

Many thanks!

[kirsty_c 16]

Hi there

If the property is let on a lease rather than AST it would be classed as a commercial or specialist lend rather than a BTL. 

The long lease can make some lenders nervous (if they repossess they prefer vacant possession otherwise it can be complex to sell the property and recover the debt)

I work with a couple of lenders who may consider lending in these circumstances however would need to cover off some further background information before any terms could be provided. 

Feel free to reach out if you would like to discuss further. 

Regards

Kirsty