Heron Financial arranged a £350,000 mortgage at 79% LTV for a solo buyer in London, a business and management professional, purchasing a £445,000 two-bedroom converted flat with a £95,000 deposit from personal savings. The case combined solo affordability on a meaningful loan with the specific lender criteria that apply to converted (period) flats rather than purpose-built ones. Heron Financial placed the case with Barclays on a fixed rate, and the mortgage completed in May 2026.
The client
The client was a solo buyer working as a business and management professional in London, purchasing a two-bedroom converted flat at £445,000. They had built up £95,000 of personal savings, a clean 21% deposit, entirely from their own earnings, with no family gift, no scheme, no incentive.
They came to Heron Financial with a clear picture: a real deposit, a steady employed income comfortably supporting the borrowing, and a property they had chosen because converted flats often offer more character and space per pound than purpose-built equivalents in the same areas. The job was to place the case with a lender comfortable on both the loan size at the LTV band and on the property type.
The case at a glance
- Buyer: Solo buyer, employed
- Nationality: British
- Occupation: Business and management professional
- Property type: Two-bedroom converted flat (period conversion)
- Location: London
- Purchase price: £445,000
- Deposit: £95,000 from personal savings (approx. 21%)
- Loan amount: £350,000
- LTV: 79% (78.65% specifically)
- Lender: Barclays
- Repayment method: Capital and interest
- Completion: May 2026
The challenge
There’s a quiet bit of property-type detail in this case that deserves attention.
Converted flats face specific lender criteria. Period conversions, typically Victorian or Edwardian houses divided into self-contained flats, aren’t treated identically to purpose-built flats by mainstream lenders. The differences usually appear in lease wording, building structure (some lenders won’t lend on conversions above commercial premises, or on flats above a certain number of storeys without a lift), shared services arrangements, and share of freehold considerations. Most mainstream lenders lend on converted flats happily, but the criteria are tighter than for purpose-built equivalents, and lender choice can matter more than borrowers expect.
LTV at 79% sits in the 80% pricing tier. Lender pricing improves in steps, typically at 80%, 75% and 60% LTV. The case landed at 78.65%, just inside the 80% pricing tier. Putting in slightly more deposit (around £6,500 more) would have dropped the case into the 75% LTV band, with meaningfully better pricing. The trade-off was retaining liquidity for the move, which the client chose to do.
Solo affordability on a £350,000 loan. On standard 4.5x lending, £350,000 implies a single income of c.£78,000+. That’s comfortably within range for an established business and management professional in London. Lender choice still mattered for affordability sizing and for confirming the multiple held cleanly.
A self-funded deposit. £95,000 from personal savings on a single income is a real achievement and a clean deposit position that simplifies the lender’s view of the case.
How Heron Financial approached the recommendation
The Heron adviser focused on the property type and the affordability shape in parallel.
Property-type lender mapping. Heron Financial narrowed the panel to lenders with clean, workable criteria on converted flats, particularly around lease wording, building structure and share of freehold arrangements. Not every lender is equally happy on period conversions.
Solo affordability check. The adviser confirmed how Barclays would treat the client’s employed income, including any regular variable elements (bonus, commission) alongside basic pay, to ensure the £350,000 loan sat comfortably within affordability.
Lender choice. Barclays was the right home for this case. Their pricing at the 80% LTV band, their clean treatment of converted flats with standard lease structures, and their affordability approach for solo employed professional borrowers combined to produce the strongest overall outcome.
Product choice. A fixed rate gave the client payment certainty on a meaningful solo loan. For a single applicant servicing £350,000 of borrowing, payment certainty has real value, it protects the monthly budget from rate moves and gives the household time to settle into the new commitment.
The outcome
The mortgage completed in May 2026. The client moved into their new home with:
A £350,000 mortgage at 79% LTV
A fixed rate on capital and interest repayment
A self-funded deposit cleanly deployed into the property
A converted flat purchased on mainstream high-street pricing rather than specialist terms
What this means for buyers in a similar position
If you’re a solo buyer looking at converted flats in London, Victorian or Edwardian house conversions rather than purpose-built blocks, most mainstream lenders are open for business, but the criteria are tighter than on purpose-built equivalents. Lease length, building structure, share of freehold arrangements and any commercial premises in the building can all affect lender appetite. A broker who knows each lender’s specific criteria on converted flats is the difference between a clean offer and a series of small issues at survey or legal stage. Solo affordability at this loan size is comfortable with the right income, and the LTV band you land in is worth thinking about carefully, small differences in deposit can produce meaningful differences in rate.
FAQs
Are converted flats harder to mortgage than purpose-built flats?
Sometimes. Converted (period) flats face tighter lender criteria than purpose-built equivalents, typically around lease wording, building structure, share of freehold arrangements, and whether the building includes commercial premises. Most mainstream lenders lend on converted flats, but the eligible lender panel can narrow depending on the specific property.
What is a converted flat?
A converted flat is a self-contained flat created by dividing a larger building, typically a Victorian or Edwardian house, into multiple flats. They’re common in London and other major cities and often offer more character and space than purpose-built equivalents, but they bring specific lender and lease considerations.
Can a solo buyer get a £350,000 mortgage on a single income?
Yes, subject to income. On standard 4.5x lender income multiples, £350,000 typically requires a single income of c.£78,000+. Some lenders offer higher multiples (5x or more) for stronger profiles. Specific affordability varies between lenders and depends on the borrower’s wider profile.
How much deposit do you need to buy a £445,000 flat?
At 90% LTV you’d need a 10% deposit (£44,000). At 80% LTV, a 20% deposit (£89,000). At 75% LTV, 25% (£111,000). Larger deposits unlock better rates. This case landed at 79% LTV with a £95,000 deposit, just inside the 80% pricing tier.
What's the best LTV band to aim for as a solo buyer?
For most solo buyers, 75% LTV is a popular target, meaningfully better pricing than 80% or 85%, and only modestly worse than 60% (the sharpest tier). 80% LTV is also workable. Where you land depends on the deposit you can put in and how much cash you want to retain post-completion.
