Navigating Property Challenges for Family Care

Project Background:

Our client faced a deeply personal challenge: his mother’s dementia diagnosis required him to move in with her as a non-owner occupier to provide care. To make this possible, he needed to remortgage his residential flat into a Buy-to-Let property, allowing him to generate rental income while focusing on her well-being.

Challenge:

The client’s flat required EWS1 fire safety works, which often makes lenders hesitant. Lenders also demanded clear evidence of his reasons for moving, as explanations alone weren’t enough. To complicate matters, the property was also downvalued, creating another hurdle. As a first-time landlord, the client needed a solution that balanced these challenges with financial stability.

Solution:

We tackled the challenges head-on. Documentation from the block management company outlined the EWS1 works and reassured the lender of the property’s compliance. A letter from the client’s mother’s GP confirmed her dementia diagnosis and emphasised the necessity of his caregiving role. Despite the down valuation, we negotiated an 80% Loan-to-Value remortgage with Virgin Money, structured over 15 years with an exit strategy tied to a future property sale.

Outcome:

The result was a life-changing win for the client. Virgin Money approved the BTL remortgage despite the challenges, and the client couldn’t have been happier, describing the process as completely stress-free during such a tough time. With the property valued at £150,000 and a forecasted rental income of £1,264 per month, the deal provided both financial stability and peace of mind.