2 Bed. Terraced house in Swindon. SN1
Value: £115,000 Price agreed £88,000 23.5%BMV. (£27k BMV)
Rent: 565+ pcm. with potential for £5k Cash-Back after ALL Fees
See below for example Mortgage Product illustration.
Qualification date: Weds. 1st October.
I have been asked to find a buyer for this 2 bed terraced in Swindon. Husband is being re-located with his employment to North West so need to sell soon.
Overall condition is described as very good with ‘Combi’ boiler G.C.H. ‘lovely’ kitchen (8 yrs old), Recent white bathroom suite (1st floor), All Double Glazed. Electrics all brought up to standard 5 yrs ago with new consumer unit etc. New gas fire in lounge. Decoration is said to be good but as usual when a house is vacated a little ‘tidy up’ may be required. Enclosed, private rear garden + off street parking.
.
Due Diligence.
For Sale: One 2 bed terrace in same road up for £124,950 with others nearby going for up to £170k BUT many different property types on the road so hard to find exact comp. Should val at £115+k I reckon though.
Sold:
Recent sales of similar properties in the close vicinity are,
Same road. terraced: 122k, 140k, 155k, 125k, and similar house 2 doors along sold for £123,500 in early 2007.
Rent: 2 bed terraced properties within 0.25 miles show rents between £550 - £630pcm. so a minimum of £565 for this property should be no problem, as this is all that’s required to release the full 85% as shown on the mortgage example below…. Final rent val may come in at £575 - £595 pcm but let’s say £560 to be safe.
Example Mortgage illustration:
Bristol & West. 6.89% 3 Yr Fixed.
Release £97,750 at approx. 560 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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