Trying to find a lender for house split into 2 currently but going to be used as one!

Chanty17

Hi all,

A query on behalf of a friend because I know that the advice here will be far better then any broker!

Friend is trying to purchase a house which is currently classed as a single dwelling by the land registary but split into two with one half being let out as a holiday let. They intend to "return" it to a single, main home, dwelling for themselves to live in.

They applied for a mortgage with Barclays but at the last minute it's been turned down by the underwriters as it's "two - one dwelling and one holiday let!". Does anyone know of any lenders for whom this shouldn't be a problem? Barclays say the only way around this is for the current owner to "knock through" prior to purchase - not unsurprisingly she doesn't want to do this!

Any help or advice greatly appreciated!

:beer:

Dave_the_Ginger_Cat

I think they'll struggle to buy it as it stands, unless it's with a semi-commercial lender.

I'd be inclined to recommend they continue with Barclays (or similar) and their lawyer, and work towards having the work done between exchange and completion. They'd need it to be a mortgage condition, and to be able to demonstrate that that the work had been carried out for completion to occur. This would most likley be an inspection by a surveyor. They'd also need to agree who would fund this cost. Suggest they talk to Barclays' underwriters and see what's possible.

Sounds do-able.

Conrad

One lender offering rates circa 4% can do these, and another at about 5%. You would be looking at 70 - 75% as a loan to value. I'd suggest your freind tries a very experienced broker as this is very doable, but also will dumbfound many a broker.