|Solicitor's fees & broker||£2,100|
|Mortgage loan @80% LTV||£225,000|
|Mortgage payment (interest only/PCM)||£685|
|Lettings management - 15% (PCM)||£267|
|Money left in||£38,399|
|Return on investment (PA)||45.5%|
101-103 Burnley Road
Cliviger is a popular, quiet countryside village on the outskirts of Burnley, with house prices significantly higher than in central Burnley. As a result there are fewer rental properties in this area, and a much higher percentage of homeowners making for a desirable location and increased rental income.
The building built in 1880 is one of many ex co-operative buildings dotted around east Lancashire, converted into flats between 1998-2002 by the previous owner. When we purchased them they required full renovation but no major structural changes. Set in a beautiful countryside area with fantastic views, the flats have private parking and a garden area with views over the hills and river. This refurbishment was finished to a very high standard to attract our target market – working professionals who wish to live in a desirable village in the countryside, close to motorway links and Burnley town centre.