financing a conversion, need advise

ttocs

hi
we own an old church hall that has full planning consent for conversion to 3 bed house, we've done some of the work but theres still about 60k of work to be done, the problem is nobody will lend the money to finish it, could get bridging loan but that is expensive. Can't get standard mortgage as its not habitable. What i wanted to know is, if i put a kitchen and bathroom in, and none of the other rooms were finished would the mortgage companys class this as habitable and give us a standard mortgage?

LisaLou1982

This is just a general rule, but for a property to be considered habitable there has to be a minimum of a sink and work surface in the kitchen and a toilet and a sink in the bathroom.

Hope that helps

Doozergirl

There's a possible issue of retentions for incomplete work, but what you need is the value in the property to be able to draw against to finish the work. If you have money to head in a certain directions then I would aim for kitchen and a bathroom yes - it will help the value more than other things.

Self build mortgage? I think you need a broker.