Need some Advice: Merging two properties which has separate mortgages

pancaz

Hi

First of all, apology if I am asking a silly question here.

I have two houses side-by-side. One is my main residential home and another one is on buy-to-let. Both of them have separate mortgage on them (separate banks as well) and not due for renewal for another 2 years (when Fixed rate ends). I would like to apply for planning permission to combine these house and make a bigger one. Now my questions is - Can I do this or I need to take permission from bank or pay off Mortgage before I apply for planning permission?

Thanks

davidmcn

You can't have one house with different mortgages on each half - how would they repossess? You'll need to find a way of refinancing the whole thing, which will be tricky as lenders don't like the risk of repossessing a half-finished building site - you'd probably need some sort of commercial funding if you don't have enough cash.