United Trust Bank – Specialist Mortgages with flexible property criteria

Home - TFC Homeloans

Specialist Mortgages – We’ve got you covered

Ex-council/local authority – Residential ✓

One of the many pros to buying an ex-council or local authority is they tend to be far cheaper than any comparably-sized properties on the market, within the same area. If you are already renting a council house this can be a huge selling point as it gives you the opportunity to fully purchase the property, as the previous year of rent are usually deducted from the value.

A con to buying an ex-council or local authority is the difficulty of getting a mortgage arranged when purchasing. A thorough inspection of your finances will be needed as well as extensive surveys.

Flats above commercial – Residential✓

Flats above commercial is a flat that is above a commercial property. So what is meant by commercial property? It is a property that is used to generate a profit from either rental income or capital gains. It can also be know as real estate, income property or investment property.

One advantage with purchasing or renting a flat above a commercial property is the price is normally cheaper. Experts say that they can be up 15% cheaper than ‘normal’ flats within the same area. This can be appealing to anyone when wanting to purchase or rent a flat, especially to first time buyers.

There are many disadvantages to living in a flat above a commercial property, one of those disadvantages is the unsocial hours. When living on top of a retail business come close early, however, most close late to get as much business as they can, which can play to your disadvantage. Also, the business needing to re-stock their shop regularly can be a big annoyance as this would normally happen either early in the morning or late in the evening.

No floor limit – Residential✓

Most lenders tend to use this term to describe any building that is 7 stories or taller. Large numbers of these building were built by the councils in the 1960’s and 70’s which was a cheaper way for people to be provided with a house who needed it. Currently, newer and more expensive high rises are constructed in growth areas all across the country.

One advantage out of many of living in a high rise property is the sense of safety and security which is heightened massively. Most of these buildings are provided with security systems and are extremely hard to get into if you do not live there. Especially if you live alone, this can bring an increased sense of safety and security.

A disadvantage when living in a high rise building is there are rules out in place. If you live an independent life this can be quite challenging to stick by. This can even come down to having to ask the landlord for permission if you want friends or family to stay over which can be cause disinterest.

Flying freehold – Residential✓

What is a flying freehold? It is an English term used to describe a freehold which overhangs another freehold. The common cases and example of this include a room placed above a passageway that is shared in a semi-detached house, or a balcony that extends over the neighbours property.

The common problems that are related to flying freeholds are problems with repairs, access and enforcing covenants. It can be extremely difficult for the owners of these buildings to organise any repairs as there is no right to build scaffolding on someone’s property next to you.

Register here.

Contact our team on 020 7031 1551 or click here to find your BDM.

Easy Video Reviews

{{startingCount}}
{{time(finishingCount)}}
{{trans(`You have no camera installed on your device or the device is currently being used by other application`)}}
{{trans(`Please try visiting this page with a valid SSL certificate`)}}
{{trans(`You can record up to %s minutes, don't worry you will review your video before sending`, time(preference.limits))}}
{{trans('Seconds')}}
{{trans(`You can record up to %s minutes, don't worry you will review your video before sending`, time(preference.limits))}}
{{trans('Uploading video...')}}
{{send.message}}

{{trans('Upload video')}}

{{trans('Drag your files here or click in this area')}}
{{uploader.file}} {{uploader.size}} x