2 Bed Mid terrace, Heywood, Lancs.
Post code. OL10
Value: £84,000 Price agreed £63,000 25%BMV. (£21k BMV).
Potential for £8,400 gross cash-back with 85% LTV mortgage. Cash Flow Positive.
See below for example Mortgage Product illustration.
Qualification date: Thurs 4th Sept.
I have been asked to find a buyer for this 2 bed terraced in Heywood, Lancs.
Overall condition and decoration is said to be Good (although you may want to change the ‘Winnie the Pooh’ wallpaper in bed 2…)
Lounge plus kitchen/diner. uPVC Double Glazing, Kitchen is 6 yrs old, white units. Gas fire downstairs (no central heating) with storage heater upstairs.
(Potential for gross cash-back of £8,400 on this No Money Down Deal which after costs, still leaves enough to have Central Heating installed if you fancy…)
Estate Agent sale fell apart 3 weeks ago after val had been done and mortgage offer obtained. (personal reasons on buyers part). Was on with agent at £88k, Now OFF Market. Good rental area.
Due Diligence.
For Sale: Similar properties nearby are in the £75k - £90k range.
Sold:
Recent sales of similar properties in same street are £85,950 & £88,000.
Rent: Most 2 beds nearby are ‘LET AGREED’ (not many left available) at around £425 - £475 pcm. Only needs £440 to stack with new BM deal as shown below so no problem there.
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:
(That’s a rate we haven’t seen for a while…)
Release £71,400 at approx. 350 pcm
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The vendor has been advised that the purchaser will pay up to £500 towards their legal expenses.
Each lead is exclusive to one purchaser, the details of which will not be passed on again.
BMV Property Solutions has carried out the due diligence as outlined above and believe all information to be true and correct. We cannot however guarantee any of the above, or the exact true market value of the property which should be confirmed by the purchaser.
BMV Property Solutions is not a licensed investment advisor or a licensed estate agent and is not authorised by the Financial Services Authority to provide investment or financial advice.
Generally, we are able to despatch the contact details within one hour of purchase, but in unusual circumstances (or during office closed times) it may not be until the next working day.
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