2 Bedroom Mid Terrace, Bacup, Lancs. Post code. OL13
Value: £80,000 Price agreed £62,000 22.5%BMV. (£18k BMV).
No Money Down deal with potential for Cash-Back.
Very Positive Cash Flow.
See below for example Mortgage Product illustration.
Qualification date: Weds 3rd Sept.
I have been asked to find a buyer for this 2 bed (Both Doubles) plus Attic room, which would make ideal bedroom / study, currently used for storage. Hardwood DG Velux window. Storage to eaves.
The property is described as being in good condition throughout, with all uPVC Windows & Doors. Gas Central Heating from wall boiler in kitchen with recently fitted new radiators. Bathroom (1st floor) is fully tiled with shower and white suite, Large Fully fitted Kitchen is fairly recent with solid wood doors and large breakfast bar. (integrated oven & hob with extractor over. Under unit lights, lights to plinths).
Vendor has completed on new property and decorating before moving in a few weeks time.... ideal timing.
Due Diligence.
For Sale: Locally, similar properties are on the market in the £80k - £85k range and I would anticipate this property to achieve a RICS valuation of £80 - £82k.
Sold:
Sales of similar properties in the close vicinity are mostly in the £70 - £85k range with one terrace at £132k (which I presume is different type.)
Rent: Seems to be a popular enough area for rentals as most similar 2 bed terraces are LET AGREED and are in the range £400 - £450 pcm. I would expect this house, with it’s useable attic room, to achieve the mid of that range e.g: £425 pcm.
Example Mortgage illustration:
Choice of products available for this property, buy it stacks nicely with BM’s new 5.89% product…. 85% LTV. 125% Rental cover:
Release £68,000 at approx. 335 pcm.
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The vendor has been advised that the purchaser will pay up to £500 towards their legal expenses.
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