We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
BTL Remortgage with single skin extension
toptotty_3
Posts: 2 Newbie
we have been told BTL lenders will not touch such properties. Has anybody experienced this and had success in securing a loan?
0
Comments
-
The house we hope to buy has a garage conversion with a single skin and no building regs. This was pointed out in the survey. The mortgage company didn't mention it (though we do have a low loan-to-value ratio). Our solicitor said we could take out an indemnity policy if it really bothered us but it wouldn't really cover us for anything significant. It was done more than 4 years ago so we couldn't be ordered to do anything to it. An indemnity policy would cover us for the difference in value of the property with the building regs and without, but I doubt there is a difference.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
silvercar wrote:The house we hope to buy has a garage conversion with a single skin and no building regs. This was pointed out in the survey. The mortgage company didn't mention it (though we do have a low loan-to-value ratio). Our solicitor said we could take out an indemnity policy if it really bothered us but it wouldn't really cover us for anything significant. It was done more than 4 years ago so we couldn't be ordered to do anything to it. An indemnity policy would cover us for the difference in value of the property with the building regs and without, but I doubt there is a difference.
Thank you for responding, much appreciated.
Is your extension two story? and who is your potential lender? We also have good equity and wish to use the money to purchase a home else where and let ours out.
regards Toptotty
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards