We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Residential mortgage for 2 flats
Happyone1
Posts: 3 Newbie
Hello
My partner and I would like to purchase 2 flats to convert back into a house for us to live in.
We have spoken to a mortgage advisor who has told us that this is a very unusual situation and that we will struggle to get a mortgage. He is going to look into it and get back to us but I'm hoping that someone here can shed some light?
Many thanks!
My partner and I would like to purchase 2 flats to convert back into a house for us to live in.
We have spoken to a mortgage advisor who has told us that this is a very unusual situation and that we will struggle to get a mortgage. He is going to look into it and get back to us but I'm hoping that someone here can shed some light?
Many thanks!
0
Comments
-
You will more than likely need developement finane or a bridging loan, convert them back to a house (1 lot of utilities etc) and then take out a mortgage to pay off the bridging loan.
Bridging loans are typically between 0.7% - 1.2% per month.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
Will converting back to one residence decrease the value of the building?
Do you have funds for the works?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards