Mortgage for Converting 2 Flats back into house

wide_skies

Hello, This is my first post- I hope I have posted appropriately.

I currently live in a ground floor flat and also own the freehold to the building. I am hoping to obtain a mortgage to enable me to purchase the upstairs flat and then to turn both flats back into one house. I have learnt that the mortgage provider will also need to 'take over' the mortgage on my ground floor flat as no lender will accept co-exisiting with another in the event of the house being unified. I have separate sums available for the deposit and the conversion work.

There is no lock in on my current mortgage and my current provider will, unfortunately, not lend for the 'upstairs mortgage' so I will obviously need to find another lender. I tried Buildstore and unfortunately they could not lend enough to cover both mortgages. I have a feeling that most lenders will be reluctant as the total mortgaged amount will be larger than the normal sum we would be able to borrow. The unified house will be worth considerably more than the combined value of the two flats and this makes me think that there's a tiny glimmer of hope that there is a lender out there who may be able to help.

I was wondering if anyone else was aware of lenders who might deal with this sort of premise and/or had general useful financial/legal/practical hints/tips from their own experience of recombining flats into a single dwelling? Thank you very much.

Spangled

I'm no mortgage advisor but certainly the MAs who lurk on here would want the following as basic info:

Current outstanding mortgage
Your salary/income
Total mortgage borrowing required
Size of deposit
etc

before being able to give an opinion. Good luck!

wide_skies

Thank you spangled.

Peter_L

"I have a feeling that most lenders will be reluctant as the total mortgaged amount will be larger than the normal sum we would be able to borrow."

I think you've answered your own question there - regardless of what the property may be I think you'll struggle with borrowing more than what is affordable (according to the lender). Sorry, I'm usually an optimist but due to the current market conditions you'll probably struggle - the only real chance nowadays (from experience) is that your current lender is your best bet otherwise it is near impossible !

wide_skies

Thank you Peter.