What stage does a barn conversion need a self build mortgage over a normal mortgage?

costelloe16

Hi,

We're looking to buy a barn to convert, and wondered at what stage is is classed as a home at which you can mortgage, instead of needing a self build loan?

We've found a place that we'd love to buy almost by accident, but we're currently working overseas for a few more years. We;d love to buy this property and convert it when we get back, but all the Expat Mortgage lenders that we've contacted have said there's no chance of getting both a self build AND live abroad, it's too much risk for lenders.

So we're not wanting to lose out on this opportunity, and don't have the cash to buy it in a lump sum.

But if the barn could be classed as a home so we don't need a self build anymore - is this a way around it.

SO for example - does it just need walls, roof and windows/doors? Or does it need all plumbing and electricity too? Or does it need to have a kitchen and bathroom? Where's the official cut off point?

Or can anyone think of a way around this situation?!

Thanks

Annisele

Different lenders have different criteria, but broadly they all need a functioning kitchen and bathroom.

Doozergirl

Annisele is right on the mortgage front. Kitchens and bathrooms come last and they will expect to see those and everything that comes before it.

"Just" roof, windows and walls in a barn conversion is a massive undertaking. 'floors' are also included in that list and just those take a huge amount of work. Converting a barn is harder and potentially more expensive than building a brand new house!

martinsurrey

you cant just put a bathroom and a kitchen in a barn and call it a home and get a resi mortgage.

the least you'll need is a CML certificate and full building regulations sign off and full planning permission (with all conditions discharged) on the conversion before you can get a residential mortgage on it.

costelloe16

Thanks guys, that's what I thought but I wanted it confirming before giving up completely!

We hoped there would be a way to just secure the building so that we can begin converting when we get home, but it looks like we'll just have to hope that it doesn't sell between now and then!!

Does anyone know of any lenders that potentially consider self build mortgages to expats? I went straight to the Expat Mortgage advisors and they all told me none.. but there must be SOMEONE!!