conversion house to flats and existing mortgage!!help!

hackneyhouse

Hello,

I'm tied in for 2 years into existing 230k mortgage on a house valued at 500k.

I am getting planning permission to make into two flats to sell flat 1 and live in flat 2. Flat 1 worth 280k on sale and flat 2 worth 350k.

Therefore I pay off my mortgage on sale of flat 1. I have a loan from my parents for the conversion.

Problem is I've found out I should tell my mortgage company asap. Will they say no? Presumably on making a lease the mortgage company finds out anyway. I won't have the capital to pay off existing loan till sale and also very wary of idea of bridging loan.

Worried if I go ahead and build then the mortgage company might cause me problems. Is there any negotiation I can do? When I speak to my conveyancing solicitor what should he do? He suggested writing to my company now but I'm worried it'll write off my plans completely. Another adviser says only tell them once the flat on market and I create the lease and potentially have a seller.

The whole idea is on sale of the flat I'll pay off mortgage anyway and already face a big redemption penalty anyway. They will make 10k from me.

What do I do? Its difficult getting new mortgage product as I'm self employed and this was originally a self cert mortgage.

Please help.

Thanks!

Heather