Panicking...mortgage on a property with an annexe

missminx007

I am freaking out a bit. We have had an offer accepted on a repossessed property with an annex last week. We are due to have a mortgage valuation done in the next few days.
I have just seen some info online about people who have struggled to get a mortgage on properties with an annex. We would have about a 50% ltv if that makes any difference.
Does anyone know anything about this?!

roje

When you say annexe, is it integral?

missminx007

It is a single story building attached to the side of the main building. It has its own entrance, kitchen, toilet and there is no access through the house. We would be incorporating it back into the main house, I'm a bit concerned the mortgage company won't give us a chance to explain this.

roje

I can't understand why it would be a problem unless you intended to rent it out?

missminx007

I think it's proving that we have no intention of letting it out which will be the difficult part. I hope they at least let us do something, even if we have to get a bridging loan then rip the kitchen out and get the mortgage then.

Senior_Paper_Monitor

Who is the lender ?

missminx007

It's natwest. We have already lost one property because there was evidence of structural movement, I don't think I could cope with losing another!

missminx007

Has anyone else got any experience of this?

Let_Us_See

Ask them the direct question. In all honesty this question should have been asked before even submitting an application.

roje

I don't think most people would even realise this could be an issue. I didn't.

Senior_Paper_Monitor

Natwest/RBS are generally receptive to Annexes (based on my general notes).


As 'Let Us See' says this should have been addressed ahead of application - so we (like any broker) would have referred to those 'general notes' and then approached those options in the game with specifics on the property (and overall deal) before going as far as DIP, let alone an application.