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Could Jeremy get a mortgage on a home with 60 years left on the lease?

Jeremy found a property in central London that he wanted to purchase.

After he put in his offer he discovered that the property only had 60 years left on the lease, not the 199 years advertised by the estate agents.

Jeremy came to Hayley with his concerns. With Hayley’s knowledge of the market, she was able to find him a competitive rate of 1.4% with a high-street lender who would happily lend on properties with short-leases.

“short-leases don’t always have to mean extra interest or a shorter term”

Ultimately, short-leases don’t always have to mean extra interest or a shorter term. The transaction can be as straightforward as a regular property as long as you have a knowledgeable broker by your side.

 

 

 

KEY FACTS

Adviser: Hayley-Louise O’Reilly

Purchase price: £620,000

Loan: £500,000

Arrangement Fee: £1499

Rate: 1.4% 2 year fixed

Term: 35 years