Are we first time buyers?

VIGILANT22

PasturesNew wrote: »

Knocking two properties into one is most likely going to reduce the overall value. e.g. Two worth £100k might be worth £175k when knocked through - and there's been the additional cost of doing it. Because of this you will encounter a different set of problems in trying to raise the mortgage to do the work as you're seeing their current value, whereas a lender will be looking at the risk while the work is being undertaken and the end value potential.

If for any reason during the work you stopped work and had to sell it quickly it'd be worth a LOT less than their current values or anything you'd spent to that point. The value of property is in what it is now ... at some future point its value would be what it is then. Between the start and end it might only be worth half your starting point.

That's why lenders do staged payments on projects.........

Baileys_Babe

VIGILANT22 wrote: »

You will have to meet all the criteria as will the property will have to....I would suggest you ask family/friends/colleagues to recommend you an experienced whole of market mortgage advisor for this project...as possibly a couple of ways you can consider raising the finance..depending on the project......

Unfortunatly very few of our friends/family currently have mortgages and those that do don't appear to have put as much thought into who the provider is :eek:

I'm a SAHM so no colleagues and OH's colleagues are based 180 miles away and for the main have repaid their mortgages so not in a position to recommed anyone.

VIGILANT22

Check on you local high street for a company who have been there a considerable time....ask the butcher!!...people love being asked for help...

Baileys_Babe

VIGILANT22 wrote: »

As you are already home owners with a property unencumbeed....be prepared for conveyancing fees etc similar to that of a purchase

Thank you, we have factored in that we will incurr fees for conveyancing

VIGILANT22 wrote: »

That's why lenders do staged payments on projects.........

Can you suggest any lenders that offer this as this is what I have been trying to research, or will most lenders offer this?

Baileys_Babe

Thanks VIGILANT22, we have an excellent butcher

VIGILANT22

Baileys_Babe wrote: »

Thanks VIGILANT22, we have an excellent butcher

:j...Thank goodness, I was waiting for the next post telling me you're veggie!!

I was serious.... all local business people know each other and pass on referrals

Baileys_Babe

VIGILANT22 wrote: »

:j...Thank goodness, I was waiting for the next post telling me you're veggie!!

I was serious.... all local business people know each other and pass on referrals

I may be difficult about my mortgage needs but I do use our fantastic local butcher, been in his family for many generations, friends did recommend them. At least friends can choose a butcher if not a mortgage provider :rotfl:

We have lined up a builder who has been recommended we are also able to communicate with him.

Just need to sort the mortgage.

VIGILANT22

The builder should know a local mortgage adviser, they all tend to know each other, as again they refer business to each other..It is in the bulder's best interest to know an adviser, as when he secures work and the only way the client has of paying is by raising capital the builder mormally has a number in his phone who he can call on straight away....

Baileys_Babe

VIGILANT22 wrote: »

The builder should know a local mortgage adviser, they all tend to know each other, as again they refer business to each other..It is in the bulder's best interest to know an adviser, as when he secures work and the only way the client has of paying is by raising capital the builder mormally has a number in his phone who he can call on straight away....

Doh, that is obvious, I'll ask him when I speak to him later in the week, thanks once again.

Baileys_Babe

Thank you everybody for your help.

We decided to apply to the Ecology Building Society for a mortgage and have received a formal offer.

The Ecology are a perfect choice for us as they had no problems with us planing to knock two properties into one, give a discount on the mortgage rate for the part of the mortgage being used for certain green technologies.

Now as well as completing the house repair & renovation project I need to get over to MFW and start looking at how we are going to clear this mortgage.