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Trying to buy ground floor flat to convert back to full house!
emsfindar
Posts: 2 Newbie
We own a duplex apartment which is the top 2 floors of a Victorian conversion and now have a chance to buy the ground floor apartment to convert the property back into a full house.
We are having a lot of trouble trying to get someone to advise us on how to do this....Does anyone have any ideas?!
Our current lender wont top up our mortgage as out loan to value is only 85%. We could possibly get a second home mortgage....but how do we go about consolidating 2 mortgages on only 1 home when we have completed our works?
I would appreciate any advice/help/similar experiences anyone can offer!
We are having a lot of trouble trying to get someone to advise us on how to do this....Does anyone have any ideas?!
Our current lender wont top up our mortgage as out loan to value is only 85%. We could possibly get a second home mortgage....but how do we go about consolidating 2 mortgages on only 1 home when we have completed our works?
I would appreciate any advice/help/similar experiences anyone can offer!
0
Comments
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this depends on how much cash you have towards the purchase of the flat relative to the price.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you think the house would be worth more money than the two flats?
Assuming you can get a mortgage on the lower flat the banks will own most of your houses so you've got to ask, why would they let you devalue them by merging them into one big house?Changing the world, one sarcastic comment at a time.0
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